TORONTO, October 05, 2023 - Travelers Companies, Inc. (NYSE: TRV) has unveiled the findings of the 2023 Travelers Canada Risk Index, showing that 61% of 500 business decision-makers from small to medium enterprises rank cyber threats as their primary worry. Additionally, 60% feel they might eventually face a cyberattack.
Michael Trendler from Travelers Canada highlighted the increasing sophistication of cyber threats and emphasised the importance for businesses to recognize these risks and act to prevent them.
“Cyber incidents can cause long-term harm, from tarnishing a company's reputation to financial losses.” noted Michael Trendler
Key Findings
- 83% stressed the importance of having the right cybersecurity measures.
- Steps taken include: mandatory password changes (69%), vulnerability risk assessments (69%), and introducing multi factor authentication for remote access (66%).
- 40% admitted they've experienced a data breach, with 70% of them encountering multiple cyber incidents.
Common Cyber Attacks Experienced
The survey took into account 14 diverse cyber-specific risks such as operational failure and security breaches.
For a comprehensive look at the survey and protective measures against cyber incidents, check out TravelersCanada.ca
About the 2023 Travelers Canada Risk Index
Conducted between June 7-19, 2023, the index presents views on risks from diverse sectors, including health care and banking. Commissioned by Travelers Canada, it was available in both French and English.
About Travelers Canada
A top property casualty insurance provider, Travelers Companies, Inc. (NYSE: TRV) reported US$37 billion revenue in 2022. The Canadian segment, known as Travelers Canada, encompasses multiple licensed insurers. For detailed information, head to TravelersCanada.ca.
