Cyberattacks and data loss are the top risks for directors and officers, with remote working conditions due to the COVID-19 pandemic heightening concerns over vulnerability, according to a global survey from Willis Towers Watson (WTW) and global law firm Clyde & Co.
The survey covered UK, Europe, APAC and the US, and identified the key risks for directors across the globe with cyber-attacks (56%), data loss (49%), regulatory risk (46%), health and safety risk (41%) and the risk of employment claims (38%) making up the top five risks this year.
The report also found:
- Increased vulnerability to data loss was resulting from business moving to new producers and systems overnight due to the COVID-19 pandemic with remote working creating easier access for cyber criminals;
- Regulatory and litigation risk continued to challenge organisations with board diversity now becoming mandatory to most businesses; and
- Expected concern about insolvency featured considerably lower than in the last survey despite speculation of a potential wave of insolvencies.
James Cooper, chair of the global insurance practice group and head of the financial institutions and directors and officers team at Clyde & Co, said: “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.”