Cybersecurity and data privacy are the top concerns among mid-market business owners in the U.S., with 75% saying they are “extremely or very concerned,” according to Marsh McLennan Agency's annual Business Insurance Trends report released Tuesday.
Data from the report showed economic risks and regulatory challenges were the second and third biggest concerns, with 63% and 61% of respondents, respectively, saying they were “very or extremely concerned.”
Workforce risks, at 57%, and catastrophic risks at 56%, rounded out the top five concerns, according to the data.
The report is based on more than 500 responses, primarily from executives at companies with 250 or fewer employees and annual revenues between $10 million and $49 million, according to a statement released with the report.
According to the statement, U.S. mid-market organizations account for 33% of total U.S. business revenue.
The report also found that 64% of respondents said they have conducted an overhaul of their company's insurance offerings in 2023, up 50% from just 14% in 2022.
“Despite challenges, our survey results indicate that organizations are becoming more aware of their vulnerabilities and working to ensure they have adequate insurance coverage,” Dennis Pearlman, president and national practice leader of commercial insurance at Marsh McLennan Agency, said in a statement.
