Travelers: Cyber Risks Now a Top Consumer Concern

October 2, 2015

Jtravelersust as property/casualty insurers are increasingly worried about cyber risks, it turns out consumers fears are growing rapidly right there with them, according to The Travelers Companies’ 2015 consumer risk survey.

About 57 percent of Americans now worry about cyber risks, up substantially from 36 percent in 2014. The jump makes it the third biggest consumer risk in 2015. Only financial concerns and risks (number 1) and personal privacy and identity theft risks (number 2) scored higher as a top worry.

“Cyber threats are joining the ranks of the conventional issues that individuals have worried about for decades,” Patrick Gee, senior vice president, claim, at Travelers, said in prepared remarks.

Gee added that the change may come from Americans feeling more vulnerable to cyber risks as they increasingly rely on technology during their daily routines. That may also shape consumers’ broader perception of risk, he said.

Broken down, consumers ranked a number of specific cyber risks high on the spectrum:

Travelers found that 1 in 4 consumers believe that they’ve experienced a data beach or cyber attack. But Americans under age 55 are more likely to worry “a great deal” about cyber risks than consumers older than 55, according to the results.

With all of that said, it turns out that cyber attack victims are the most proactive about mitigating cyber risks:

Other survey results:

The third annual Travelers Consumer Risk Index is based on a survey of 1,000 adult Americans regarding their general perceptions of risk in daily life.

Source: The Travelers Companies