COVID exacerbating concerns around cyber and data loss: Willis Towers Watson
Cyber-attacks and data loss are the top risks facing directors and officers (D&O), according to a global survey from Willis Towers Watson and Clyde & Co, the global law firm.
The survey, which gathered responses from the UK, Europe, Asia Pacific and the US, revealed the extent to which the COVID-19 pandemic and the forced change in working practices has heightened concerns around cyber.
It showed that more than half (56 percent) of respondents felt cyber-attacks represent a very significant or extremely significant risk to their business, with 49 percent saying the same about data loss and 46 percent highlighting regulatory risk.
More than four out of ten (41 percent) cited health and safety risk, with employment claims risk (38 percent) making up the top five risks this year.
The survey revealed that business moving to new procedures and systems overnight due to the COVID-19 pandemic has increased vulnerability to data loss, with remote working creating a fertile ground for cyber criminals.
Regulatory and litigation risk remains a key challenge, especially in the context of board diversity becoming mandatory for many businesses.
Interestingly, insolvency risk was knocked down the list of concerns in 2021, despite speculation of a potential wave of insolvencies.
Jeremy Wall, head of global finex at Willis Towers Watson, said: “We are grateful for the contributions from Clyde and Co which have delivered a valuable new perspective to our interpretation of the survey results and have enabled us to deliver a great resource for directors and risk managers.”
James Cooper, chair of the global insurance practice group and head of the financial institutions and D&O team at Clyde & Co, added, “This important survey highlights the changing risk environment facing key businesses today.”
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze