Cyberattack is the biggest risk mentioned by business leaders, followed by data loss and cyberbullying, says a global survey of 437 board members issued by Willis Towers Watson PLC on Thursday.
The investigation report, issued by Clyde & Co., said the second biggest risks mentioned by directors were regulatory risks, including threats of fines and penalties, and the risk of health and safety / environmental legislation.
The largest risks reported in the 2021 survey were cyberattacks, followed by data loss, regulatory risk, risk of security legislation and risk of employment claims.
Among other survey results, despite the focus on climate risk, it remains outside the five biggest risks in any region.
However, the study report warns that despite this, climate and environmental social and governance risks “will continue to increase for directors and officials as governments, regulators and stakeholders seek to bring about the rapid change needed to meet international climate and ESG commitments in the long run. until 2030 and beyond. “
The survey report also said that due to the sharp rise in insurance prices over the past two to three years, there has been a “lot of discussion”; about potential alternatives to buying D&O insurance from the commercial insurance market, including captives.
In its regional overview of North America, the report states that it is the only region where directors and officials rated “return to work / COVID security” and “social engineering crime” as number four and five top risks, respectively, and none of them occurred in any other. the region’s top seven list.
“Especially in the United States, there have been more covid-related litigation than in other regions, although it may not be as much as many insurance companies may have anticipated,” the survey report said.