Cyber risks are among businesses’ top 3 concerns

It may seem like cybersecurity is often put on the back burner or forgotten about altogether by the top brass. But it turns out that concerns over cyber risks are actually top of mind for many companies.

According to a recent report by Travelers Insurance, 54% of businesses said “cyber, computer technology risks/data breaches” were a worry. Nineteen percent said it was  a great worry.

That made computer issues the No. 3 concern overall, up there with rising medical costs and increasing benefits costs.

Hacking is top concern

Specifically, these businesses worried about:

  • security breaches or hacks (49%)
  • computers being damaged or going down (48%)
  • someone gaining access to financial controls (46%)
  • employees putting businesses at risk by misusing systems or using personal devices (45%)
  • not having resources or know-how to recover from an incident (42%)
  • theft of customer data or records (41%)
  • remote access or hacking into supervisory control systems or other business operational software systems (40%)
  • shortage of cybersecurity talent (36%)
  • online cloud storage of data or information (34%)
  • being a victim of cyber extortion or ransomware (31%), and
  • someone using email or other social engineering techniques to fool employees into transferring company funds erroneously (31%).

In other words, almost everything involving technology gives companies at least some degree of agitation.

Give them focus

Plenty of these topics overlap and many are similar in other ways.  But if execs have these concerns, you may want to help them and yourself by  separating the hype from reality.

Tell which problems should be a top focus and which you don’t really have to worry about (whether it’s from adequate security measures already in place or because the threat was overhyped to begin with).