Cyberattacks are now so common that the majority of businesses responding to a new survey not only viewed them as their top concern but a majority saw a future attack on their organization as inevitable.
An annual survey of businesses by insurance giant Travelers Cos., which underwrites cybersecurity coverage, ranked cyberattacks as the top concern in an overall environment that was becoming more risky for doing business.
“Cyberattacks can shut down a company for a long period of time or even put it out of business, and it’s imperative that companies have a plan in place to mitigate any associated operational or financial disruptions,” Tim Francis, enterprise cyber lead at Travelers, said, in a release.
Arthur House, former chief cybersecurity risk officer for Connecticut, said Monday the survey shows what many businesses are still reluctant to talk about publicly.
“There is still somewhat of a stigma to admitting that you have been hacked in a cyberattack, said House, now an adjunct professor at the University of Connecticut teaching about cybersecurity. “As though you didn’t protect yourself adequately or there was something wrong with your IT systems.”
But House said the survey points to the reality that no company is safe from a cyberattack.
“It’s like an illness, everybody gets it,” House said. “There is not something necessarily wrong with you.”
The key, House said, is taking preventative measures as much as possible.
Those responding to the Travelers survey also saw bigger concerns compared with a year ago about economic uncertainty, rising energy costs and the ability to attract and retain employees.
The survey of 1,200 small, medium and large companies across 15-plus industries sampled opinion in mid to late July and was conducted by Hart Research for Travelers.