Cyberattacks and data loss are the key risks facing directors and officers, with cyber extortion and the growth of ransomware attacks a leading concern, said WTW recently when releasing results of a global survey.
The survey, conducted by WTW and law firm Clyde & Co received responses from directors from more than 40 countries in Asia, Australasia, Europe, Latin America, the UK, and the US.
Survey results indicate that 65% of respondents see the risk of cyberattack as very significant or extremely significant and 63% say the same of data loss.
In addition, 59% of respondents say the risk of cyber extortion is very significant or extreme significant and 49% mentioning the same of regulatory risk.
Other survey highlights
- COP26 combined with increasing governmental and regulatory measures has driven up concerns around climate change risk in some regions. While it still doesn’t appear in the top five key risks for any region, it is the number six risk in the UK, Asia and Australasia.
- There is some divergence between the risks perceived for businesses and the risks perceived for directors and officers.
- The top risk for the business was the economic climate while the risk of insolvency or bankruptcy is ranked very low for directors and officers.
- Respondents aren’t entirely divergent however, with cyber attack ranked as the number two risk for the business and the number one risk for directors and officers.