Alan Schnitzer, Chairman and Chief Executive Officer of The Travelers Companies, Inc. (NYSE: TRV), today attended a meeting with President Biden and members of his Cabinet and national security team, as well as private sector and education leaders, to discuss potential ways to improve the nation’s cybersecurity. Travelers is a leading provider of cyber insurance.
Following the meeting, Schnitzer said:
“Cybersecurity is one of the most pressing issues of our time, and we applaud President Biden for bringing experts and industry leaders together to address this growing threat. We are proud to join this critical discussion alongside our partners in government, technology, financial services and education, among others.
“According to the Travelers Risk Index, which surveys U.S. business leaders, cyber risk is the number one concern across companies of all sizes. At Travelers, we see firsthand the devastating effects that a breach can have on a business, and we understand that even small changes can have a big impact on data security. For instance, research suggests that implementing affordable mitigation controls, such as multifactor authentication, could prevent the vast majority of ransomware attacks. Adopting best practices for cyber hygiene will make our businesses – and our country – safer.
“At the White House, I highlighted the critical role that the insurance industry plays in strengthening America’s cybersecurity. Insurers help organizations manage cyber risk efficiently and effectively, including by conducting cyber risk assessments, advising on hardening cyber defenses and providing ongoing monitoring of cyber vulnerability. After a breach has occurred, insurers provide technical expertise and financial support to facilitate recovery. Working together, the industry can also identify and share trends in the cyber risk environment and promote the adoption of cybersecurity best practices.
“I also announced Travelers’ participation in the National Institute of Standards and Technology’s initiative to develop a new framework for public and private entities to improve the security and integrity of the technology supply chain. It’s an important step in enhancing the nation’s overall cybersecurity.
“Ultimately, the victims of cybercrime are people – employees, customers and owners of businesses small and large, in every corner of the nation. Protecting their interests must be a priority, and I look forward to continuing to partner with the Administration and my colleagues who gathered today to do just that. From preparation and prevention to mitigation and recovery, Travelers is committed to helping individuals and businesses safely navigate the rapidly evolving cyber landscape.”
The Travelers Companies, Inc. (NYSE: TRV) is a leading provider of property casualty insurance for auto, home and business. A component of the Dow Jones Industrial Average, Travelers has approximately 30,000 employees and generated revenues of approximately $32 billion in 2020. For more information, visit Travelers.com.