Most companies acknowledge that the question is no longer “if” acyber attack will happen but rather “when” it will happen.

Targeted attacks continue to plague businesses, regardless ofsize or industry. According to the “2015 Travelers Business Risk Index,” cyberrisks are the second greatest concern overall forbusinesses.

An April 2016 Symantec study revealed that the total numberof identities exposed because of breaches jumped 23 percent to 429million in 2015, a number suspected to be much higher because manyorganizations don't release information about the extent of thebreaches they suffer.

The number of breaches reported that did not include a figurefor identities exposed increased by 85 percent, from 61 in 2013 to113 in 2015. Symantec estimates, had these breaches been fullyreported, the total number of identities exposed is likely to be atleast half a billion.

These breaches cost businesses millions of dollars each year. In2016, the average cost of a data breach grew to $7.01 million, upfrom $6.53 million in 2015, according to a June 2016 study by thePonemon Institute.

Tim Francis, vice president and enterprise cyber lead atTravelers Cos.Inc., said hacking is big business, adding that “although cyberbreaches have become commonplace for businesses of all sizes, morecan be done to raise awareness of cyber risks and the ways tomitigate them.”

In response to the increase in cyber threats to businesses, thecompany has started Travelers Cyber Academy for agents and brokers.This web-based training program addresses cybersecurity risks andmitigation for businesses, and features insurance professionals,cyber experts, former FBI agents and “white hat” hackers who willprovide cyber risk mitigation lessons for businesses.

“The Travelers Cyber Academy is one way we can provideadditional resources for agents and brokers to help their clientsprotect against one of the biggest problems companies face today,”said Francis. “I think if we understand the basics of cyber, andmost of our agents do, there's an understanding that data that getscompromised from our customers often ends up on the dark web whereit's bought and sold.”

The program will cover a wide array of cyber topics, includingthe dark web, cyber extortion, chip cards and the Internet ofThings, with an intended goal of arming agents and brokers withresources to help their clients protect their businesses againstcyber breaches, as well as what to do in the event of a databreach.

“It is the next evolution in a series of initiatives that we'veundertaken at Travelers to create more awareness around cyber,generally, and particularly around educating both our agents andbrokers and our customers in terms of the threat environment andthe different options that they may have for reducing the threatsthat they face,” Francis told PropertyCasualty360.

The Travelers Cyber Academy, which consists of eight classes,held once a month (excluding December), began on Sept. 20 and runsthrough May 2017. Each webinar, approximately 20 minutes long, willcover a different topic, discussing what it is, why it's importantto customers and how it might affect different customers indifferent ways, as well as how the insurance product can helpoffset some of those risks.

Travelers said it hopes the program, which is optional and nowopen for enrollment to agents and brokers, will also create aplatform for participating agents and brokers to explore theseissues more — beyond what is presented in the program — on theirown.

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