2023 Travelers Canada Risk Index
In the first installment of the Travelers Canada Risk Index survey, business leaders said they believe the business world is riskier than it was a year ago. Cyber was the single biggest business risk concern reported by 500 business decision makers. Notably, 60% think it is inevitable that, at some point in the future, their company/organization will be the victim of a cyberattack. Additionally, more than 80% of business leaders reported having the proper cybersecurity controls in place is crucial to their organization’s wellbeing.
Despite worry about broad economic uncertainty, the ability to attract and retain talent, cyber risks remained the number one overall business concern.
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The Travelers logo with red umbrella. Text, 2023 Travelers Canada Risk Index
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We asked 500 business leaders: What is your biggest concern?
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Workforce Changes
Extreme Weather
Corporate Reputation
IP Risks
Legal Liability
Supply Chain Risks
Environmental Concerns
Cyber Risks
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Cyber Risks are the #1 overall concern.
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Top 3 Cyber Concerns?
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1 Loss of income due to a breach
2 Employees Putting Systems at Risk,
3 System Glitch
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40% of businesses have been a cyber victim
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More than one third of those in the past year.
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70% of affected businesses are victims of multiple attacks.
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“The cyber landscape continues to evolve, with threats becoming more sophisticated and frequent.”
Michael Trendler, Travelers Canada Specialty Insurance
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Most businesses believe they are prepared for a cyber event.
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Yet most do not:
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Use Endpoint Detection and Response
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Have an Incident Response Plan
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Use Multifactor Authentication
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Cyberattacks can have costly and serious consequences.
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Help protect your company against these risks.
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Talk to your insurance broker today
travelerscanda.ca/cyber
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Travelers Canada, 165 University Avenue, Toronto, Ontario M5H 3B9. This material is for informational purposes only. All statements herein are subject to the provisions, exclusions and conditions of any insurance policy issued by Travelers Canada. It is not a representation that coverage does or does not exist for any particular claim or loss under any such policy. Coverage depends on the facts and circumstances involved in the claim or loss, all applicable policy provisions and any applicable law.
Copyright 2023 Travelers Canada. All rights reserved. Travelers and The Travelers umbrella logo are registered trademarks of The Travelers Indemnity Company in Canada, the US and other countries. Travelers Insurance Company of Canada, the Dominion of Canada General Insurance company and St. Paul Fire and Marine Insurance Company (Canada Branch) are the Canadian licensed insurers known as Travelers Canada.