Cyber Worries Top Risk Index

Travelers’ 2021 Risk Index indicates that cyber threats are a top business concern across all industries, including construction. The index, produced by Travelers Insurance, included 1,200 business leaders who participated.

The majority (56 percent) of respondents said they worry some or a great deal about cyber, computer, technology, and data breaches and related risks. For construction leaders, 40 percent of respondents said their business is becoming somewhat more risky with each passing year.

Top cyber risk concerns

• Top business risk concerns for construction decision makers include medical cost inflation (61 percent), financial issues (57 percent), and supply chain issues (57%).
• A majority (87 percent) of construction business decision makers are somewhat, very, or extremely reliant on their computer systems functioning properly for their businesses to operate. Yet one in five said they are not knowledgeable about cyber events that could impact their companies.
• Need business continuity plan in place: Only 30 percent of construction business decision makers surveyed have written a business continuity plan in the event of a cyber attack.
• Preventing cyber-attacks: Rather, to prevent and manage cyber-attacks 72 percent of construction companies use firewalls and virus protection, and 64 percent do background checks on employees.

Source: Travelers Insurance