Most executives rank cyber risk as their top business concern, but fewer than half said their company has adopted basic preventive measures such as multifactor authentication, even as the frequency and severity of cyberattacks increase, according to a report from Travelers Cos. Inc.
Of the 1,200 executives who participated in the 2021 survey, 59 percent said they worry some or a great deal about cyber, and 25 percent said their company has been a cyber victim, up 150 percent from 2015.
Despite the heightened concerns, only 61 percent of executives reported feeling extremely or very confident in their company’s cyber practices, and many businesses are unprepared to deal with the risks, researchers said.
Just 43 percent said their company has a written business continuity plan in the event of a cyberattack, and only 48 percent said their company has adopted multifactor authentication to mitigate the risk.
Our Association soon will offer members a resource to dramatically increase their cyber defenses. The service kicks off Nov. 1 and will be featured in a now-in-production issue of Ag Innovator. You can also learn more during a breakout session at the Marketing & Distribution Convention.
Source: Business Insurance