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Instant Insights / October is National Cybersecurity Awareness Month

The COVID-19 pandemic has revealed new cyber threats. Now's the time for insurance professionals and insureds to reexamine cybersecurity strategies and coverage.

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“What we see in our claims, particularly in ransomware events, is that over 90% of the time it comes back to the fact that the company didn’t have multifactor authentication either configured at all or broadly across its network. We see that same lack of control being exploited over and over again,” says Tim Francis, of The Travelers Indemnity Co. (Credit: welcomia/Shutterstock.com) “What we see in our claims, particularly in ransomware events, is that over 90% of the time, it comes back to the fact that the company didn’t have multifactor authentication either configured at all or broadly across its network. We see that same lack of control being exploited over and over again,” says Tim Francis, of The Travelers Indemnity Co. (Credit: welcomia/Shutterstock.com)

Cyberthreats are once again the leading business concern after taking a backseat to economic uncertainty in 2020, according to the 2021 Travelers Risk Index, which found just shy of 60% of business leaders said digital risks keep them up at night.

The other leading risks on this year’s index, both cited by 53% of respondents, were medical inflation and increases in employee benefit costs, according to Travelers. Among cyber risks, security breaches, system glitches and unauthorized access to bank accounts were the most cited threats.

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Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected], and on LinkedIn and Twitter.  

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