Cyber Hits All-Time High Concern for Business Leaders, Says Travelers Risk Index

For the fourth time in six years, cyber risk ranked highest as a concern for business leaders. In fact, this year cyber as a top concern reached an all time high, according to the 2024 Travelers Risk Index.

Cyber was cited by 62% of the 1,200 or so respondents as a top concern, saying they worry some or a great deal about cyber risk. However, according to the survey results, 30% of respondents said their company does not have a cyber insurance policy.

“The findings speak to the business community’s greater awareness of cyber threats and the catastrophic damage, both operational and financial, a cyberattack can have on a company,” said Tim Francis, enterprise cyber lead at Travelers, in a statement. “What’s troubling is that while more businesses are securing cyber insurance as a tool to mitigate vulnerabilities, many still elect not to – despite knowing the risks.”

Still, 65% said their company did have a policy, which is higher than last year’s result of 60% and a significant uptick from 2018 when 39% said a cyber policy was in place. But almost 80% of those surveyed acknowledge having cyber insurance is critical.

For the eighth time in nine years, more respondents reported that their company experienced a cyber event — 24% in 2024 compared to 23% last year. Results indicated 36% had a security breach, and 27% had an extortion or ransomware event.

According to the Travelers Risk Index, cyber ranked higher as a concern than medical cost inflation (59%), increasing employee benefits costs (59%), broad economic uncertainty (59%), and the ability to attract and retain talent (54%). Medical cost inflation was the highest concern last year.