2017 Banking & Financial Services Industry Risks

2017 Banking and Financial Services Industry Risks Chart2017 Banking and Financial Services Industry Risks Chart

Banking and financial services companies reported greater concerns for the overall level of business risk, cyber-related risks and security breaches, compared to all businesses.

Banking and financial services businesses see more risk in their business environment, with 57% reporting that their business was becoming more risky, compared with 37% of all businesses. Within the banking and financial services field, 62% of commercial banks and credit unions said their business was becoming more risky, compared with 52% of mutual fund managers and other financial advisors.

In particular, the banking and financial services industry is much more concerned about specific cyber risks, with 71%, compared with 56% of all businesses, saying they worry a great deal about this affecting their business. The risks of legal liability and understanding/complying with government regulations were also of greater concern among banking and financial services companies.

Fewer than 1 in 5 are very confident in their ability to avoid or mitigate a cyber incident. A security breach was of greater concern to this industry, at 70%, compared with 50% of all businesses. Other leading concerns include remote access/hacking, and employees putting information or systems at risk.

Buildings

Get the 2017 Travelers Risk Index

Download the report