Cyber Risk Report
Hanover Specialty Research Series

Managing risk

Partnership can improve risk management efforts

Businesses have taken steps to mitigate cyber risk within their organizations, yet business security is heavily dependent on others. Business reported taking strong action to address the areas they are most concerned about (breach of personally identifiable information, or PII), with routing data backups and policies regarding internet device use. 


of surveyed businesses have written plans for identifying, mitigating and addressing cyber threats


outsource security operations or critical IT resources to a third party


have their sensitive data secured and backed up on a routine basis

More outside experience needed

While the majority of businesses have written plans, less than half of businesses reporting engaging external experts in the preparation of their plans. 

Managing cyber risks pie chart

Given the growing complexity of cyberattacks, we encourage business owners to tap into trusted advisers to help build plans to identify and address cyber threats. The Hanover closely monitors current and evolving trends to help ensure our customers are best prepared to prevent attacks, but also have access to the resources and incident response providers needed to respond and recover. 

Christina Villena, Vice President, Risk Solutions