Although 65 percent of manufacturing executives reported being extremely or very confident that they would know what actions to take in case of a cyber event, only 57 percent have a cybersecurity incident response plan in place.

“Cyber risks have extremely serious consequences,” says Tim Francis, enterprise cyber lead at Travelers. “One attack can weaken an organization or potentially put it out of business. Fortunately, there are effective measures that companies can take to address vulnerabilities and successfully manage through a cyber event.”

According to Francis, phishing emails where a cybercriminal convinces an employee to transfer company funds to a fraudulent account have been on the rise. The percentage of survey respondents from large companies who said they’ve experienced a phishing scam nearly doubled in the past year, from 14 percent to 27 percent.

A security breach, when someone gains unauthorized access to a company’s computer system, remains the most common cyber threat among companies of all sizes, accounting for nearly one-third (32 percent) of attacks.

“While the business community has come a long way in preparing for and responding to a cyberattack, the survey results show that more can still be done,” warns Francis. “A well-designed, multi-layered cybersecurity program can help mitigate the threat of a cyber event….”