2020 Travelers Risk Index: Cyber
An increased percentage of businesses are concerned about cyber risk, according to the 2020 Travelers Risk Index. While broad economic uncertainty now tops the list, cyber risk is the #2 concern among businesses surveyed. Here's a look at key findings, including heightened cyber risks associated with increased remote working due to the COVID-19 pandemic.
2020 TRAVELERS RISK INDEX CYBER RISK CONCERNS ON THE RISE FOR BUSINESSES
Broad economic uncertainty is now the top business concern, jumping from #6 in 2019
47% said the business environment is becoming riskier.
The #2 business concern is cyber risk, and the percentage of businesses reporting this concern has increased.
BIGGEST CYBER-RELATED BUSINESS CONCERNS:
Security breach
Hacker gaining access to financial systems
Employees putting information at risk
EMERGING CYBER CONCERNS INCLUDE:
Suffering a cyber event, security breach or system glitch due to employees working remotely
COVID-19 pandemic raises new remote work concerns
The percentage of businesses with at least 40% of employees working remotely has more than doubled.
Despite heightened concerns about remote working, many businesses admit not implementing basic prevention practices, such as:
Conducting focused cyber security awareness training
Using Virtual Private Networks (VPN) with multi-factor authentication for remote access
Enhancing cyber security monitoring and early warning protocols
Implementing an Endpoint Detection and Response (EDR)Solution
Still only 55% of businesses have purchased a cyber insurance policy
Learn more about cyber trends and insurance options.
VISIT travelers.com/cyber
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