Businesses Aren’t Alone in Worrying About Cyber Risk

[Audrey McNeil <audrey () riskbasedsecurity com>]

http://www.insurancejournal.com/news/national/2015/10/13/384650.htm

Joe Public has joined U.S. business owners in worrying about cyber risk
more and more.

Cyber-related concerns grew by more than 20 percentage points among
consumers from last year, moving from the fifth-ranked to the third-ranked
concern overall, in the third annual Consumer Risk Index conducted by  The
Travelers Companies.

One in four Americans say they have been the victim of a data breach or
cyber attack, according to the survey.

“Cyber threats are joining the ranks of the conventional issues that
individuals have worried about for decades,” said Patrick Gee, senior vice
president for claims at Travelers. “Many may be feeling more vulnerable to
cyber risks as Americans are becoming increasingly reliant on technology in
nearly every aspect of their daily lives. This may also be playing a role
in consumers’ overall perception of risk with so many respondents believing
the world is becoming a riskier place.”

Of the cyber risks listed as potential concerns, respondents worried the
most about their bank accounts being hacked. Americans under the age of 55
are generally more likely to worry a great deal about cyber risks than
those over 55.

While this Travelers survey asked consumers about their concerns, last year
Travelers released results of a survey of businesses– its Business Risk
Index— which also found cyber risk ranked third among the top worries of
 leaders of businesses of all sizes. Cyber risk came in behind medical
inflation and legal liabilities in the 2014 business index.

Riskier World

Other results from the new Travelers consumer survey indicate that a
majority of Americans (57 percent) continue to believe the world is
becoming riskier. Women, more than men, see the world becoming riskier, as
do people over the age of 40.

Among business leaders surveyed last year by Travelers, 48 percent said
they believe the world is growing riskier overall.

Financial security is the top concern among consumers for the third
consecutive year.

Distracted driving remains a major concern of consumers. Ninety percent of
respondents are concerned about getting into an accident due to someone
else’s distracted driving, yet only 37 percent of respondents are concerned
about getting into an accident due to their own distraction. Seventy-six
percent of respondents are concerned about their children driving while
distracted, up from 68 percent in 2014.

Over the past three years, a consistent two-thirds of consumer respondents
have indicated that they believe severe weather is becoming more frequent
in the U.S. Forty percent believe that is the case where they live. More
Americans in Tornado Alley and in brushfire areas believe that the
frequency of severe weather is increasing in their area compared with last
year’s survey.

In the 2014 business index, 60 percent of business leaders agreed that
extreme weather events are happening more frequently and 37 percent feared
severe weather poses an increased risk of damage to their businesses.

Risk Management

Consumers reported taking basic steps to reduce some of the risks in their
lives. Seventy-six percent of respondents said they have annual car safety
checks, and 77 percent have installed carbon monoxide or smoke detectors,
which is consistent with previous surveys. Storing food, water and
flashlights is a common preparation tactic for respondents.

While three-quarters of American consumers say they are taking risk
management steps, only about one quarter (24 percent) business decision
makers said that preventing, preparing for and responding to risk is a
strategic priority, according to the business survey.

Americans appear to be taking action to prepare for cyber threats as well.
Seventy-eight percent of consumer respondents reported that they create
strong passwords and keep them private; 76 percent limit the amount of
personal information shared on the Internet and 69 percent keep their
browsers updated with security features. Despite this vigilance, some
protective measures may be overlooked. Fewer than half of respondents (41
percent), however, frequently change online banking/financial account
passwords.

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