The Biggest Business Worries in 2024

The Travelers Companies released the annual 2024 Travelers Risk Index a couple of weeks ago. The company has been gauging business concerns since 2014 and gathers information from business insurance decision-makers from all kinds of industries of a variety of sizes.

The 2024 survey found — for the 4th time in six years — that cyber risks are the primary worry for most. Those considering it a significant worry numbers 62%.

Other concerns:

• Inflation in medical costs — 59%
• Employee benefit costs — 59%
• Concerns with the economy — 59%
• The ability to attract top talent — 54%

Travelers’ enterprise cyber official, Tim Francis said this year’s top concern reflects how worried businesses are with the financial damage, and operational damage, a cyber attack can do.

“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,” Francis said.

By the way, almost 30% of the over 1,200 respondents noted their company does not have cyber insurance. Those reporting having a cyber policy is 65%. That’s up from 60% a year ago.

Source link: Insurance Business America — https://bit.ly/408loZA