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  

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