Only 7% of small to mid-sized businesses think
it's very likely that they will experience a cyber incident in the
next 12 months
WORCESTER, Mass., Oct. 23,
2023 /PRNewswire/ -- The Hanover Insurance Group,
Inc. (NYSE: THG), a leading provider of insurance for individuals,
families and businesses, today released its 2023 Cyber Resiliency
Report which highlights a lack of preparedness by businesses for
cyber-related attacks.
The Hanover commissioned The
Harris Poll to conduct the research, which found that 74% of small
and mid-sized business decision-makers (defined as C-level
executives at businesses with 3-249 employees) are confident in
their ability to prevent cyberattacks effectively. Alarmingly, most
businesses do not have basic cybersecurity prevention measures in
place. The research affirmed the important role independent
insurance agents play as experienced advisers, offering risk
management tips and access to services to help business owners and
operators protect their operations and maximize the benefits of
their cyber insurance programs.
Key findings uncovered in the research include:
- Most small and mid-sized businesses have a level of cyber
risk in their everyday operations
- 67% of businesses store business documents in a public
cloud
- Nearly half (49%) of businesses have not conducted a
business-wide cyber risk assessment within the past 12 months
- Most small and mid-sized businesses do not have fundamental
cybersecurity prevention measures in place
- 62% of businesses do not offer cybersecurity training for all
employees
- 50% of businesses do not use multi-factor authentication
- 62% of businesses do not use endpoint protection for
devices
- If a cyber breach occurs, the majority of small and
mid-sized businesses are not prepared to respond
- 61% of businesses do not have an incident response plan
- 81% of businesses do not have a post-breach response team
"Amidst the digital landscape's growing complexities, this new
data unveils a stark truth: businesses are at a crossroads between
acknowledging the looming cyber threat and taking meaningful
actions. With a small percentage of business decision-makers
thinking a cyber incident is 'very likely,' the difference between
perception and reality is glaring," said Eric Cernak, president of cyber at The
Hanover. "This creates an
opportunity for independent agents to talk with their customers
about the importance of proactively managing cyber risk and
leveraging cybersecurity services, like those offered through The
Hanover's CyberSecure Program™, to
help prevent losses."
The research also affirmed the important role independent
insurance agents can play as experienced advisers, offering risk
management tips and services to help business leaders protect their
operations and maximize the benefits of their cyber insurance
programs. With thousands of cyber risk management service providers
in the marketplace, it can be challenging for businesses to know
where to turn. The Hanover's
CyberSecure Program™ offers policyholders access to a curated set
of solutions, making it easy for policyholders to leverage these
services to address cybersecurity gaps and help prevent cyber
losses. Offered through vetted industry partners, the services are
offered at no charge or at a discount.
To read the full results from the 2023 Cyber Resiliency Report
while exploring business risk mitigation considerations please
click here.
About The Hanover
The Hanover Insurance Group, Inc. is the holding company for
several property and casualty insurance companies, which together
constitute one of the largest insurance businesses in the United States. The company provides
exceptional insurance solutions through a select group of
independent agents and brokers. Together with its agent partners,
The Hanover offers standard and
specialized insurance protection for small and mid-sized
businesses, as well as for homes, automobiles, and other personal
items. For more information, please visit hanover.com.
Survey Method
The research was conducted online in the United States by The
Harris Poll on behalf of Hanover
among 300 small business owners and executives defined as U.S.
adults ages 21+ who are employed full-time or part-time, have a
title of owner/president/partner/C-suite executive at their
company, and the company employs 3-249 employees. The survey was
conducted August 17-24, 2023. Data
were sampled to be representative by employee size to ensure they
were in line with their actual proportions in the population.
Respondents for this survey were selected from among those who
have agreed to participate in our surveys. The sampling precision
of Harris online polls is measured by using a Bayesian credible
interval. For this study, the sample data is accurate to within +
5.63 percentage points using a 95% confidence level. This credible
interval will be wider among subsets of the surveyed population of
interest.
For complete survey methodology, including weighting variables
and subgroup sample sizes, please contact Kyle Tildsley at
ktildsley@hanover.com.
CONTACTS:
|
|
Emily P.
Trevallion
|
Kyle
Tildsley
|
etrevallion@hanover.com
|
ktildsley@hanover.com
|
508-855-3263
|
508-855-3287
|
All products are underwritten by The Hanover Insurance
Company or one of its insurance company subsidiaries or affiliates
("The Hanover"). Coverage may not
be available in all jurisdictions and is subject to the company
underwriting guidelines and the issued policy. This material is
provided for informational purposes only and does not provide any
coverage. For more information about The Hanover visit our website
at www.hanover.com.
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SOURCE The Hanover Insurance Group, Inc.