© 2024 Connecticut Public

FCC Public Inspection Files:
WEDH · WEDN · WEDW · WEDY · WNPR
WPKT · WRLI-FM · WEDW-FM · Public Files Contact
ATSC 3.0 FAQ
Play Live Radio
Next Up:
0:00
0:00
0:00 0:00
Available On Air Stations

Cyber Risk a Rising Concern for Businesses

Harriet Jones
/
WNPR

Health care costs and cybercrime are top of the list of concerns for businesses in a new survey. Insurer Travelers carried out this survey of more than a thousand businesses of all sizes, the second year it's created a Businesses Risk Index.

The rising trend this year is a concern about cyber risks, especially hacking, viruses and other malicious events. But that doesn't necessarily mean the concern reflects personal experience. "Businesses' perceptions of risk do tend to ebb and flow a bit with the events that make the news," said Michael Klein, co-president of business insurance at Travelers.

But he said it is an area that insurers are increasingly responding to with new kinds of coverage and risk assessment tools.

Top of the list of concerns for the second year is medical cost inflation. 60 percent of businesses said they’re more worried about the price of healthcare than any other risk.

"Recent estimates continue to show that medical cost inflation outpaces core inflation by a significant amount; I think the latest numbers are in the 6 plus percent range," said Klein. "And therefore it's a significant cost to business and a significant risk to their bottom lines."

Despite the changes in the marketplace under the Affordable Care Act, a third of businesses said that medical cost inflation is among the risks they’re least prepared to manage.

Harriet Jones is Managing Editor for Connecticut Public Radio, overseeing the coverage of daily stories from our busy newsroom.

Stand up for civility

This news story is funded in large part by Connecticut Public’s Members — listeners, viewers, and readers like you who value fact-based journalism and trustworthy information.

We hope their support inspires you to donate so that we can continue telling stories that inform, educate, and inspire you and your neighbors. As a community-supported public media service, Connecticut Public has relied on donor support for more than 50 years.

Your donation today will allow us to continue this work on your behalf. Give today at any amount and join the 50,000 members who are building a better—and more civil—Connecticut to live, work, and play.

Related Content