Leading risks to businesses in the U.S. 2018-2024
In 2024, the leading risk to businesses in the United States were cyber incidents according to a survey carried out among risk management experts. Almost 40 percent of the respondents cited cyber incidents as an important risk, and 33 percent believed that businesses were at risk due to business interruption, including supply chain disruption. These two risks were also the leading risks globally.
Experts’ take on business risks
Directors and risk managers in North America reported in a 2023 survey that the most significant business risks were cyberattack, data loss, and cyber extortion. These business risks (among others listed) incur increasing financial drawbacks which impact company spending, and may require insurance ahead of encountering risks. It is expected that by the year 2030, the directors and officers (D&O) liability insurance market in the U.S. will have grown to over 20 billion U.S. dollars.
Is there insurance coverage for cyber crime?
Cyber crime has become an increasingly common business risk factor globally, and as such, insurers have had to adapt to the public’s need to protect against cyberattacks. Currently, it is common for most major U.S. insurers to offer cybersecurity insurance policy options to their customers, both public and private. These policies protect customers against a wide variety of risks, including theft of or damage to IT assets, online banking identity theft, online shopping fraud, etc. In 2022, Chubb Ltd had the highest value direct cyber security premiums written in the United States.
