The Hannover 2023 report found a lack of plans to protect and recover businesses against cyberattacks

Only 7% of SMBs believe they are very likely to suffer a cyber incident in the next 12 months

WORCESTER, MA, October 23, 2023 /PRNewswire/ — Hanover Insurance Group, Inc . (NYSE: THG), a leading provider of insurance for individuals, families and businesses, today released its 2023 Cyber ​​Resilience Report, which highlights businesses’ lack of preparedness for cyber attacks.

The Hanover commissioned The Harris Poll to conduct the research, which found that 74% of small and medium business decision makers (defined as C-level executives at businesses with 3-249 employees) are confident in their ability to effectively prevent cyberattacks. Worryingly, most businesses lack basic cybersecurity prevention measures. The research confirmed the important role independent insurance agents play as experienced advisors, offering risk management advice and access to services to help business owners and operators protect their operations and maximize the benefits of their cyber insurance programs.

Key findings revealed in the study include:

  • Most SMBs have some level of cyber risk in their day-to-day operations
    • 67% of companies store business documents in a public cloud
    • Nearly half (49%) of businesses have not conducted a business-wide cyber risk assessment in the past 12 months
  • Most SMBs do not have basic cybersecurity prevention measures in place
    • 62% of businesses do not offer cybersecurity training to 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, most SMBs are not prepared to respond
    • 61% of businesses do not have an incident response plan
    • 81% of companies do not have a breach response team

“Amid the growing complexity of the digital landscape, this new data reveals an obvious truth: Businesses are at a crossroads between recognizing the looming cyber threat and taking meaningful action. With a small percentage of business decision makers considering a cyber incident “very likely,” the gap between perception and reality is striking, said Eric Cernakpresident of cyber at The Hanover. “This creates an opportunity for independent agents to talk to their clients about the importance of proactively managing cyber risk and using cyber security services such as those offered through The of Hanover CyberSecure Program™, for loss prevention.”

The research also confirmed the important role independent insurance agents can play as experienced advisors offering risk management advice 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 on the market, it can be challenging for businesses to know where to turn. The of Hanover The CyberSecure Program™ offers policyholders access to a curated set of solutions, making it easy for policyholders to use these services to address cybersecurity gaps and prevent cyber losses. Offered through verified industry partners, services are offered for free or at a discount.

To read the full results of the 2023 Cyber ​​Resilience Report as you consider business risk mitigation considerations, please click here.

For Hanover
Hanover Insurance Group, Inc. is a holding company for several property and casualty insurance companies that together represent one of the largest insurance businesses in United States. The company provides exceptional insurance solutions through a select group of independent agents and brokers. Together with its partner agents, The Hanover offers standard and specialist insurance protection for small and medium-sized businesses, as well as for homes, cars and other personal belongings. For more information, please visithanover.com.

Research method
The survey was conducted online in the United States by The Harris Poll on behalf of Hanover among 300 small business owners and managers, defined as US adults aged 21+, who are employed full-time or part-time, have an owner/president/partner/manager title at their company, and the company employs 3-249 employees. The research was conducted August 17-24, 2023. Samples were taken to be size-representative of the employees to ensure they were consistent with their actual proportions in the population.

Respondents for this study were selected from among those who agreed to participate in our surveys. Sampling precision of online Harris polls is measured using a Bayesian confidence interval. For this study, the sample data is accurate to within + 5.63 percentage points at the 95% confidence level. This credible interval will be wider among subsets of the study population of interest.

For full study methodology, including weighting variables and subgroup sample sizes, please contact Kyle Tildesley at [email protected].

everything products are underwritten by The Hanover Insurance Company or any of the insurance company’s subsidiaries or affiliates (“The Hanover“). Coverage may not be available in all jurisdictions and is subject to the underwriting company’s guidelines and the policy issued. This material is provided for informational purposes only and does not provide any coverage. For more information on Hanover visit our website atwww.hanover.com.

SOURCE Hanover Insurance Group, Inc.

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