Cyber Now Rated #1 Risk For Companies

By on October 8, 2019

October 8, 2019

For the first time, the threat of a cyber attack ranks number one on the list of concerns for business leaders, ahead of medical cost inflation, cost of employee benefits, attracting and retaining talent, and legal liability. That’s according to an annual insurance industry survey that has been asking the question since 2014. This year’s heightened concern corresponds with substantially increased interest in both cyber insurance and “creating a business continuity plan in the event of a cyber attack.” Just over half of 1200 businesses that were queried said they had purchased some kind of cyber policy. Other reported numbers indicate that concern about cyber attacks is not just a matter of perception or hype: The percent of businesses actually reporting a cyber attack is up sharply for businesses of all sizes, but especially for small businesses, where the rate has tripled.

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Insurance Journal

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