The shift towards WFH has heightened cyber attack and data loss risks, with exposures for senior managers, finds survey
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 and Clyde & Co.
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, 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 D&O team at Clyde & Co added, “This important survey highlights the changing risk environment facing key businesses today.”