LONDON, April 22, 2021 – 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:
“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.”
Jeremy Wall | Head of Global Finex, Willis Towers Watson
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 can be found at 8th Directors’ Liability Survey
Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 45,000 employees serving more than 140 countries and markets. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential.
Clyde & Co is a leading global law firm, specialising in the sectors that underpin global trade and commercial activity, namely: insurance, transport, infrastructure, energy, and trade and commodities. It is globally integrated, offering a comprehensive range of contentious and non-contentious legal services and commercially-minded legal advice to businesses operating across developed and developing markets. Clyde & Co is committed to operating in a responsible way. This means progressing towards a diverse and inclusive workforce that reflects the diversity of its communities and clients, using its legal skills to support its communities through pro bono work, volunteering and charitable partnerships, and minimising the impact it has on the environment. The firm has 440 partners, 1800 lawyers, 2500 legal professionals and 4000 staff in over 50 offices [and associated offices] worldwide.
