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Share Name | Share Symbol | Market | Type |
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Hanover Insurance Group Inc | NYSE:THG | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 135.19 | 0 | 09:09:44 |
Only 7% of small to mid-sized businesses think it's very likely that they will experience a cyber incident in the next 12 months
WORCESTER, Mass., Oct. 23, 2023 /PRNewswire/ -- The Hanover Insurance Group, Inc. (NYSE: THG), a leading provider of insurance for individuals, families and businesses, today released its 2023 Cyber Resiliency Report which highlights a lack of preparedness by businesses for cyber-related attacks.
The Hanover commissioned The Harris Poll to conduct the research, which found that 74% of small and mid-sized business decision-makers (defined as C-level executives at businesses with 3-249 employees) are confident in their ability to prevent cyberattacks effectively. Alarmingly, most businesses do not have basic cybersecurity prevention measures in place. The research affirmed the important role independent insurance agents play as experienced advisers, offering risk management tips and access to services to help business owners and operators protect their operations and maximize the benefits of their cyber insurance programs.
Key findings uncovered in the research include:
"Amidst the digital landscape's growing complexities, this new data unveils a stark truth: businesses are at a crossroads between acknowledging the looming cyber threat and taking meaningful actions. With a small percentage of business decision-makers thinking a cyber incident is 'very likely,' the difference between perception and reality is glaring," said Eric Cernak, president of cyber at The Hanover. "This creates an opportunity for independent agents to talk with their customers about the importance of proactively managing cyber risk and leveraging cybersecurity services, like those offered through The Hanover's CyberSecure Program™, to help prevent losses."
The research also affirmed the important role independent insurance agents can play as experienced advisers, offering risk management tips and services to help business leaders protect their operations and maximize the benefits of their cyber insurance programs. With thousands of cyber risk management service providers in the marketplace, it can be challenging for businesses to know where to turn. The Hanover's CyberSecure Program™ offers policyholders access to a curated set of solutions, making it easy for policyholders to leverage these services to address cybersecurity gaps and help prevent cyber losses. Offered through vetted industry partners, the services are offered at no charge or at a discount.
To read the full results from the 2023 Cyber Resiliency Report while exploring business risk mitigation considerations please click here.
About The Hanover
The Hanover Insurance Group, Inc. is the holding company for several property and casualty insurance companies, which together constitute one of the largest insurance businesses in the United States. The company provides exceptional insurance solutions through a select group of independent agents and brokers. Together with its agent partners, The Hanover offers standard and specialized insurance protection for small and mid-sized businesses, as well as for homes, automobiles, and other personal items. For more information, please visit hanover.com.
Survey Method
The research was conducted online in the United States by The Harris Poll on behalf of Hanover among 300 small business owners and executives defined as U.S. adults ages 21+ who are employed full-time or part-time, have a title of owner/president/partner/C-suite executive at their company, and the company employs 3-249 employees. The survey was conducted August 17-24, 2023. Data were sampled to be representative by employee size to ensure they were in line with their actual proportions in the population.
Respondents for this survey were selected from among those who have agreed to participate in our surveys. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within + 5.63 percentage points using a 95% confidence level. This credible interval will be wider among subsets of the surveyed population of interest.
For complete survey methodology, including weighting variables and subgroup sample sizes, please contact Kyle Tildsley at ktildsley@hanover.com.
CONTACTS: | |
Emily P. Trevallion | Kyle Tildsley |
etrevallion@hanover.com | ktildsley@hanover.com |
508-855-3263 | 508-855-3287 |
All products are underwritten by The Hanover Insurance Company or one of its insurance company subsidiaries or affiliates ("The Hanover"). Coverage may not be available in all jurisdictions and is subject to the company underwriting guidelines and the issued policy. This material is provided for informational purposes only and does not provide any coverage. For more information about The Hanover visit our website at www.hanover.com.
View original content to download multimedia:https://www.prnewswire.com/news-releases/the-hanovers-2023-report-finds-businesses-lack-protection-and-recovery-plans-against-cyber-attacks-301964462.html
SOURCE The Hanover Insurance Group, Inc.
Copyright 2023 PR Newswire
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