Cyber Security Biggest Concern Among Businesses

by Cameron Bramwell

Cyber-related concerns grew by more than 20 percentage points among consumers from last year, moving from the fifth-ranked to the third-ranked concern overall, in the third annual Consumer Risk Index conducted by  The Travelers Companies. One in four Americans say they have been the victim of a data breach or cyber attack, according to the survey.

“Cyber threats are joining the ranks of the conventional issues that individuals have worried about for decades,” said Patrick Gee, senior vice president for claims at Travelers. “Many may be feeling more vulnerable to cyber risks as Americans are becoming increasingly reliant on technology in nearly every aspect of their daily lives. This may also be playing a role in consumers’ overall perception of risk with so many respondents believing the world is becoming a riskier place.”

In the Graham Company’s 2015 Business Risk Survey, 21 percent of respondents named cyber security as the threat that they were most concerned about, making it the top risk among those surveyed. The survey also shows that companies are becoming increasingly aware of the growing ways in which a cyber attack could threaten business. While respondents mentioned their concern over the theft of customer and employee information was their biggest worry, the responses indicate that decision-makers are also concerned about emerging cyber threats, such as the theft of intellectual property. Still, that concern doesn’t necessarily translate into action. Only 61 percent of respondents said that they felt prepared for cyber security risks, and only 56 percent said they had completed an IT, network or cyber security audit within the past two years.

It is important that individuals and businesses begin taking action regarding cyber security.  Every business should be looking closely at Cyber Liability Insurance and the benefits it brings if a security breach were to take place.  JJ Insurance can not only provide your business with Cyber Liability Insurance, but we will work with you to make sure you have a safe program in place to minimize the risk of an online security breach.  Call us today for a quote!

Comments are closed.