Travelers Chairman and CEO Issues Statement on White House Cybersecurity Meeting
August 25 2021 - 07:48PM
Business Wire
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.”
About Travelers
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.
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Patrick Linehan, 917.778.6267
The Travelers Companies (NYSE:TRV)
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