Leading risks to businesses in the U.S. 2018-2023

In 2023, the leading risk to businesses in the United States was business interruption, including supply chain disruption (BI), according to a survey carried out among risk management experts. Almost half of the respondents cited BI as an important risk, and 30 percent believed that businesses were at risk due to cyber incidents and macroeconomic developments, respectively. These three risks were also the leading risks globally.

Experts’ take on business risks

Directors and risk managers in the U.S. reported in a 2022 survey that the most significant business risks were data loss, cyber extortion, and cyber attack. These business risks (among others listed) incur increasing financial drawbacks which impact company spending, and may require insurance in anticipation 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 cyber attacks. Currently, it is common for most major U.S. insurers to offer cyber security 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 2021, Chubb Ltd had the highest value direct cyber security premiums written in the United States.