General Insurance Article - Top 5 risks facing Directors and Officers


Cyber-attacks and data loss are the top risks facing Directors & Officers, with COVID-19 and the forced change in working practices serving to heighten the concerns according to a global survey from Willis Towers Watson (NASDAQ: WLTW) and Clyde & Co, a leading global law firm.

 The survey, covering UK, Europe, APAC and the US identifies the key risks for Directors across the globe with cyber-attacks (56% of respondents saying the risk was very significant or extremely significant), data loss (49%), regulatory risk (46%), Health and Safety risk (41%) and the risk of Employment claims (38%) making up the Top 5 risks this year.

 Other key findings of the report include:
 • Increased vulnerability to data loss is resulting from business moving to new procedures and systems overnight due to the COVID-19 pandemic with remote working creating a fertile ground for cyber criminals.
 • Regulatory and litigation risk continues to challenge organisations with board diversity now becoming mandatory to most businesses
 • Expected concern about insolvency featured considerably lower than in the last survey despite speculation of a potential wave of insolvencies.

 Jeremy Wall, Head of Global Finex, Willis Towers Watson, said: “We are delighted to be launching the 2021 Directors & Officers survey which, for the first time gathers the views of Directors & Officers internationally. 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. We are pleased to collaborate with Willis Towers Watson on this survey report which highlights continued concern around cyber-attacks and data loss as well as the impact of regulatory change on business.”

 A full copy of the report  

Back to Index


Similar News to this Story

Call for simplification of EU cybersecurity regulation
Insurance Europe has welcomed the European Commission’s review of the Cybersecurity Act (CSA) and the forthcoming digital omnibus initiative, supporti
7 California wildfire lessons learnt for European insurers
The devastating January 2025 wildfires in Los Angeles, which destroyed over 16 000 structures and caused insured losses of approximately USD 40 billio
Do not be left high and dry this summer
Aviva is urging caution as data reveals a correlation between warm weather and fire claims. Number of garden fire claims is already significantly high

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.