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Share Name | Share Symbol | Market | Type |
---|---|---|---|
The Travelers Companies Inc | NYSE:TRV | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 215.91 | 1 | 09:39:09 |
The Travelers Companies, Inc. (NYSE: TRV) today announced the results of the 2019 Travelers Risk Index, which found that cyber risks are the top concern among businesses of all sizes for the first time since the survey began in 2014. Of the 1,200 business leaders who participated in the survey, 55% said they worry some or a great deal about cyber risks, ahead of medical cost inflation (54%), employee benefit costs (53%), the ability to attract and retain talent (46%) and legal liability (44%).
As concerns about cyber threats have grown, a higher percentage of businesses across nearly every industry reported taking proactive measures to safeguard against cyber risks — although a sizable percentage have not implemented such preventive best practices. The steps taken by respondents include:
“The Travelers Risk Index shows that more businesses are taking steps to prevent a cyber event, but it’s still alarming that nearly half don’t have the proper insurance coverage,” said Tim Francis, Enterprise Cyber Lead at Travelers. “One cyber attack can put a company out of business. Taking the threat seriously and implementing a risk management program that addresses possible exposures can help a company not only avoid an attack but also recover from one as quickly as possible.”
Since 2015, the percentage of small business respondents who have suffered a cyber attack has tripled, from 4% to 12% this year. Increases are also being reported among medium-sized companies (10% in 2015 to 20% this year) and large businesses (from 19% to 33%).
“More companies are experiencing cyber attacks,” Francis said. “The cost of a single breach to a small business can easily reach a substantial amount of money on top of the time it takes to restore the business, so protecting a company’s assets with a cyber insurance policy is critical.”
Other key findings from the 2019 Travelers Risk Index include:
Travelers provides a range of coverage options, pre-breach tools and assessment resources, as well as post-breach services to help businesses of all sizes prepare and recover if and when a cyber event occurs.
For more information, visit the 2019 Travelers Risk Index website. To help business owners better protect against cyber attacks, the Travelers Institute will bring its Cyber: Prepare, Prevent, Mitigate, Restore℠ educational series to Portland, Oregon, on Oct. 24.
About the Survey
Hart Research conducted a national online survey of 1,200 business decision-makers from July 8-19, 2019. The survey was commissioned by Travelers.
About Travelers
The Travelers Companies, Inc. (NYSE: TRV) is a leading provider of property casualty insurance for auto, home and business. A component of the Dow Jones Industrial Average, Travelers has approximately 30,000 employees and generated revenues of approximately $30 billion in 2018. For more information, visit www.travelers.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190930005425/en/
Media: Michael Whitmer, 860.277.2010 mwhitmer@travelers.com
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