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Travelers index finds cyber threats top business risk as AI expands attack surface
The insurer said 70% of businesses buy insurance, the highest share since its index turned cyber-focused in 2018, while 92% expressed confidence in carriers for cybersecurity guidance.
Travelers reports that cyber threats have once again become the top business concern for U.S. organizations, as artificial intelligence adoption grows faster than governance and employee practices. In its latest Risk Index, 58% of respondents said they worry a great deal or some about cyber risks, a figure that outpaced concerns tied to economic or geopolitical risks, and marked the fifth time cyber threats led the overall rankings in eight years.
Travelers said AI is being used both to improve business efficiency and to support hacking, with the threat landscape changing faster than many companies can respond. While 89% of respondents said AI is used in day to day operations, only 59% said business practices have been developed for employees’ use of AI.
The insurer also found that 55% of the 1,202 U.S. business insurance decision makers surveyed were concerned about a security breach or cyber event involving AI. Travelers cited risks such as phishing and social engineering, as well as the retention of company data used to train AI models.
Travelers said heightened cyber risk has been linked to more take up of cyber insurance and increased cybersecurity spending, including investments in firewalls, data backups, background checks, onboarding and offboarding processes, and multifactor authentication. The index also said 70% of businesses purchase insurance, and 92% expressed confidence in carriers as a source of cybersecurity expertise and guidance, though it noted there is room for improvement in running cyberattack simulations or incident response plans.