In a recent report from Marsh McLennan Agency, it was revealed that cybersecurity and data privacy have emerged as the primary concerns among U.S. middle-market business leaders, with a striking 75% of respondents expressing extreme or high concern. These concerns are followed by economic risks and regulatory challenges, with 63% and 61% of respondents respectively expressing extreme or very high levels of anxiety. Workforce and catastrophic risks also feature prominently, with 57% and 56% of respondents highlighting these issues. This survey gathered insights from more than 500 C-Suite executives at companies with fewer than 250 employees and annual revenues ranging between $10 million and $49 million. The findings underscore a growing vigilance among these businesses around their insurance coverage, as evidenced by a notable 50% increase in comprehensive reviews from 2022 to 2023.
The report highlights the significant role U.S. middle-market organizations play, representing 33% of total business revenue. The data points towards an increasing awareness and proactive stance among businesses to mitigate their vulnerabilities and ensure adequate insurance protection. According to Denise Perlman of Marsh McLennan Agency, there has been a distinct shift towards more mindful attention to business vulnerabilities and a concerted effort to secure comprehensive insurance coverage. This evolution indicates that businesses are not just recognizing the importance of cybersecurity and data privacy but are also taking tangible steps toward fortifying their defenses against potential threats.
