Businesses and consumers agree that cyber risk is a top concern,says the 2016 Travelers Risk Index. According toTravelers Cos., 19% of businesses surveyed cited they“worry a great deal” about cyber, computer and technology risks and databreaches.

However, cyber risks aren't business leaders' number one threat.Other risks on businesses' radars include medical cost inflation,increasing employee benefit costs and a changing workforce.

Travelers worked with Hart Research Associates to survey 1,202 businessowners and decision-makers, including 493 small businesses (2 to 49employees), 453 midsize businesses (50 to 999 employees) and 256large businesses (1,000-plus employees).

Overall, businesses are less anxious about the changing riskenvironment. According the the survey, businesses who viewed theenvironment as “more risky” dropped from 44% in 2015 to 41% thisyear. Specifically, large businesses dropped from 52% to 44%, andmidsize businesses went from 47% to 43%. Small business perceptionheld steady at 36%.

Here are the top 8 concerns for businesses, according to the2016 Travelers Risk Index:

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8. Financial issues

Thirteen percent of respondents said they worry a great dealabout financial issues, including access to capital and cash flowrisks. In total, 43% of respondents said they worry a great deal orsome about financial issues. That number has declined from 49% in2015.

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7. Laws and regulations

Of those surveyed, 17% said they worry a great deal aboutunderstanding and complying with U.S. laws and regulations, and intotal 45% say they worry about it a great deal or some. Like mostthreats on this list, that number is down, from 51% in 2015.

Among the top compliance risks worrying business leaders arethose associated with the continued rollout of the AffordableCare Act (ACA). The costs and expenses related to ACAcompliance worry 42% of businesses, while generally complying withthe ACA worries 37%.

Concern about compliance with OSHA requirements and proposed cybersecurity legislation ranks slightly lower (33% and 31%,respectively). Small businesses report less concern about each ofthese risks, compared with midsize and large businesses.

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6. Broad economic uncertainty

Nearly half of respondents (48%) said they worry a great deal orsome about broad economic uncertainty. More specifically, 14% saidthey worry about it a great deal. This dropped slightly from 2015,when 51% of respondents said they worry about it a great deal orsome.

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5. Attracting and retaining talent

Attracting and retaining talent is another big concern amongbusinesses surveyed, with 15% saying they worry about it a greatdeal and half saying they worry about it a great deal or some.

According to the survey, the greatest concern is retaining theworkers whose skills and experience businesses value (43% of allbusinesses worry about this). Attracting and hiring new qualifiedworkers is a close second (39%), followed by concerns about thecost and time involved in training new workers (37%).

Business size is a factor in retention. Midsize and largebusinesses express the most concern, at 50% and 48%, respectively,and small businesses the least at 31%.

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4. Legal liability

Businesses' concern about legal liability dropped from 2015 when56% of respondents said they worry a great deal or some about therisk of being sued. In 2016, 51% of respondents said they worry agreat deal or some about legal liability, and 15% said they worryabout it a great deal.

Specifically, professional mistakes, including errors andomissions (39%), rank among the top legal liability risks for allbusinesses, followed closely by employee lawsuits allegingdiscrimination, harassment, wrongful termination and otheremployment-related claims (36%).

Other legal liability concerns include driving accidents causedby employees (30% of all companies worry about this), and faultyproducts or products that harm customers (24%). As is the case formany types of risks, says Travelers, midsize and large businessesare more likely than small businesses to worry about specific legalliability risks.

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3. Cyber, computer, technology risks/databreaches

Although overall concern about cyber risks declined from lastyear to third place across all businesses (58% in 2015 to 54% in2016), cyber threats remain the primary concern for largebusinesses. Sixty-one percent of these business leaders list cyberissues as the primary risk they face. This is driven by increasesin external data breaches or cyber attacks, reported by 23% oflarge firms.

At 39%, small businesses ranked cyber risk in fifth place amongtheir worries. Midsize businesses listed it third, with 61%worrying some or a great deal about the threat. Among smallbusinesses, 89% said they have not experienced a breach or attack;80% of midsized businesses reported no breaches.

Businesses worry more about malicious or criminal cyber attacks(56%) than they do about human error (23%) or system malfunction(22%).

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2. Increasing employee benefit costs

Employee benefits are keeping businesses up at night. Accordingto the survey, 21% of businesses worry a great deal aboutincreasing employee benefit costs, and 56% worry about it a greatdeal or some. This number has not changed from 2015.

Forty-three percent of small businesses worry about risingbenefit costs, compared with 49% of large businesses and 70% ofmidsize businesses. Despite such a large number of businesses beingconcerned about rising benefit costs, 21% said they feel unpreparedto mitigate the risk.

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1. Medical cost inflation

A total of 59% of respondents said they worry a great deal orsome about medical cost inflation, with 25% saying they worry aboutit a great deal. Medical cost inflation continues to be No. 1,falling only one percentage point from 60% in 2015.

However, results vary by business size, says Travelers. Only 50%of small businesses (2 to 49 employees) cite medical cost inflationas a major concern, compared with 52% of large businesses (1,000+employees) and 70% of midsize businesses (50 to 999 employees).

Like increasing employee benefit costs, medical cost inflationis a risk many businesses do not feel prepared to deal with.According to the survey, while 59% worry a great deal about medicalcost inflation, 31% feel unprepared to manage the risk.