{"id":688791,"date":"2022-09-26T09:29:58","date_gmt":"2022-09-26T13:29:58","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/travelers-risk-index-shows-cyber-threats-remain-top-overall-business-concern\/"},"modified":"2022-09-26T09:29:58","modified_gmt":"2022-09-26T13:29:58","slug":"travelers-risk-index-shows-cyber-threats-remain-top-overall-business-concern","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/travelers-risk-index-shows-cyber-threats-remain-top-overall-business-concern\/","title":{"rendered":"Travelers Risk Index Shows Cyber Threats Remain Top Overall Business Concern"},"content":{"rendered":"

<\/p>\n

Travelers Risk Index Shows Cyber Threats Remain Top Overall Business Concern<\/b><\/p>\n

HARTFORD, Conn.–(BUSINESS WIRE<\/a>)–
\nThe Travelers Companies, Inc. (NYSE: TRV<\/a>) today released its 2022 Travelers Risk Index<\/a> results, and for the third time in four years, the survey found that cyber threats were the top overall concern for business decision makers. Of the 1,200 survey participants, more feel that today\u2019s business environment is riskier compared to a year ago, and more than half (57%) think a future cyber attack on their company or organization is inevitable.\n<\/p>\n

\nCyber threats again were the leading concern, but other issues were close behind, a change from 2021 when cyber held the top spot by 6 percentage points. This year, 59% of survey respondents said that they worry some or a great deal about cyber threats, followed closely by broad economic uncertainty (57%), fluctuations in oil and energy costs (56%), the ability to attract and retain talent (56%), and medical cost inflation (55%). Big jumps were seen this year relating to concerns in oil and energy costs (a 16-point increase, up from 40%) and supply chain risks (54%, up from 43%), a nod to current events and the serious obstacles businesses and individuals are facing.\n<\/p>\n

\n\u201cCyber attacks can shut down a company for a long period of time or even put it out of business, and it\u2019s imperative that companies have a plan in place to mitigate any associated operational and financial disruptions,\u201d said Tim Francis, Enterprise Cyber Lead at Travelers. \u201cEffective measures that have proven to reduce the risk of becoming a cyber victim are available, but based on these survey results, not enough companies are taking action. It\u2019s never too late, and these steps can help businesses avoid a devastating cyber event.\u201d\n<\/p>\n

\nOverconfidence in navigating the evolving cyber landscape is causing a false sense of security, with 93% of respondents stating that they were confident their company had implemented best practices to prevent or mitigate a cyber event. But when asked whether their company had taken specific prevention measures, the majority had not: 64% don\u2019t use endpoint detection and response, 59% haven\u2019t conducted a cyber assessment for vendors, and 53% don\u2019t have an incident response plan.\n<\/p>\n

\nEven multifactor authentication (MFA) has been slow to catch on. According to this year\u2019s Travelers Risk Index, 90% of survey respondents said they were familiar with MFA, yet only 52% said their company had implemented the practice for remote access. This, despite Microsoft stating that 99.9% of account compromise attacks are blocked by adding the extra security measure of MFA to verify a computer user\u2019s identity, and Arete stating that 94% of ransomware victims weren\u2019t using MFA.\n<\/p>\n

\nOther important survey findings relating to cyber include:\n<\/p>\n