Cybersecurity, data privacy top concerns for middle-market business leaders

Cybersecurity and data privacy are the chief concerns among U.S. middle market business leaders, with 75% saying they are “extremely or very concerned,” according to the annual Business Insurance Trends report from Marsh McLennan Agency released Tuesday.

Economic risks and regulatory challenges were the second- and third-greatest concerns, with 63% and 61% of respondents, respectively, “extremely or very concerned,” report data showed.

Workforce risks, at 57%, and catastrophic risks, at 56%, rounded out the top five concerns, the data showed.

The report is based on over 500 responses from primarily C-Suite executives at businesses with under 250 employees and between $10 million to $49 million in annual revenue, according to a statement released with the report.

U.S. middle-market organizations account for 33% of total U.S. business revenue, the statement said.

The report also showed that 64% of respondents said their organizations conducted a thorough review of their insurance coverage in 2023, a 50% jump from just 14% in 2022.

“Despite the challenges, our findings show that organizations are becoming more mindful of their business’ vulnerabilities and are seeking to ensure proper insurance coverage is in place,” Denise Perlman, president and national practice leader of business insurance at Marsh McLennan Agency, said in the statement.