Most executives rank cyber-risk as their top business interest, but less than half said their companies have taken basic preventative measures such as multifactor authentication even as the frequency and severity of cyberattacks increase, said Travelers Cos. Inc. on Wednesday.  In a separate report published on Wednesday, Axa SA said that cyber risk appears to be the biggest concern in the United States and few risk experts believe that governments are equipped to deal with the threat.
Of the 1,200 executives who participated in the 2021 Traveler Risk Index survey, 59% said they were very or very concerned about cyber and 25% said their company had been a cyber victim, up 1
Security breaches, system failures, and unauthorized access to bank accounts were the top three cyber-specific business issues cited by executives.
Despite the growing fears, only 61% of executives reported feeling extremely or very confident about the company's cyber practices, and many companies are unprepared to deal with the risks, Travelers said.
Only 43% said that their companies have a written business continuity plan in the event of a cyber attack, and only 48% said that their companies have adopted multifactor authentication to reduce the risk.
"It is crucial that companies take the necessary steps to protect their data and assets, especially with so many employees continuing to work remotely," said Tim Francis, corporate cyber director at Travelers, in a statement.
Alan Schnitzer, chairman and CEO of Travelers, was among insurance executives who attended a White House meeting on cybersecurity in August.
At the same time, about 61% of risk experts chose cyber security among their top five risks in the Axa Future Risks Report 2021, up from 54% in the 2018 survey.
Only 26% of respondents believe that governments are prepared for cyber risks, and this figure has not improved since the question was first asked in 2019, said Axa.
The corporate sector, insurers and governments need to work more closely with cybersecurity, the survey found.
Corresponding to the Axa survey included 3448 risk experts in 60 countries and the general public in 15 countries.