In the 2018 Travelers Risk Index, the insurer found that cyberrisks are the second-highest concern across all business sizes and industries, surpassed only by medical inflation. In large businesses and those in the technology, banking and professional services sectors, cyberrisks took the top spot.
While 91% of respondents said they were confident their company had implemented best practices to avoid a cyber event, 55% had not completed a cyberrisk assessment for their business and 63% had not assessed vendors that have access to their data. Those surveyed were similarly split with regard to putting in place the resources to call upon in the event of a crisis, with 62% reporting they have not developed a business continuity plan and 50% saying they had not purchased cyber insurance.
The massive gap between confidence and key fundamental preparation may itself pose a risk: In 2015, Travelers reported 10% of participants had been victim of a cyber incident, a figure that doubled in 2018. In fact, 52% now consider suffering a cyberattack inevitable.