A recent Harris poll commissioned by global insurer Chubb revealed that cyber threats and technology disruption, including malicious artificial intelligence manipulation, rank among the most significant concerns for executives. Data breaches and leaks far exceed other threats, such as accidents, regulations, social unrest, and hazmat exposures.
Key Findings From The Chubb-Commissioned Report
• Cyber breaches and data leaks were cited by 40% of executives as the most disruptive and financially burdensome man-made threats
• 86% of companies have adopted or plan to adopt business interruption coverage for cyberattacks, natural disasters, or supply chain disruptions
• 53% already have coverage in place, with another 33% planning to add it within 12 months
• Monitoring cyber incidents and events is the most commonly deployed risk mitigation practice
• The report was based on a survey of 517 executives in the U.S. and Canada
Recent High-Profile Cyberattacks
• UnitedHealth reported a major cyberattack in early 2024 that may have compromised data from 100 million people
• The company reported $2.5 billion in total financial impacts through September 2024, including $1.7 billion in direct response costs and a $705 million business disruption
• AT&T, Ticketmaster owner Live Nation Entertainment, and Dell also experienced large-scale data breaches in 2024
Rising Costs Of Data Breaches
• IBM research shows a global average cost of nearly $4.9 million per data breach, reflecting a 10% increase compared to 2023
• UnitedHealth is working to restore transaction volumes and strengthen security, targeting a full operational recovery by 2025
Growing Interest In Business Interruption Coverage
• Organizations are increasingly seeking coverage for cyber-related losses and other threats
• Chubb’s study found a majority of companies either already have or will soon add this type of protection
Conclusion
Cybersecurity risks and technology disruption remain leading concerns for business leaders. Data breaches and leaks continue to top the list of man-made threats, prompting companies to adopt comprehensive coverage options and robust, continuous risk monitoring.