Nine of 10 businesses list cyber risks and data breaches among their top five concerns, according to the 2015 Travelers Business Risk Index.
Cyber risks were the overall second-highest concern among 1,210 business risk managers surveyed by Hart Research Associates on behalf of the property-casualty insurer. That was up from fifth place in 2014, a rise driven by several high-profile data breaches over the past year, Travelers said.
Most concerned about cyber risk were banks, which also were the most likely to have a breach response plan in place. Retailers showed the lowest level of concern, and were least likely to have a response plan formulated.
Medical-cost inflation remained the top perceived risk in this year’s index. In third place was increasing employee-benefit costs, followed by the challenge of finding and retaining skilled labor.
