Cyber in Focus 2024

The Cyber in Focus Report 2024 from the Global Directors' and Officers' Survey, conducted by WTW in collaboration with Clyde & Co, represents a significant expansion in scope and participation. This survey, gathering data from over 50 countries, provides a comprehensive analysis of the evolving risks in the digital and regulatory landscapes. Directors, officers, and risk managers contributed their insights, emphasizing the integration of cyber risk management with broader corporate governance challenges.

Overview of key themes and findings

1. 01

   Persistent cyber threats and emerging risks

   Cyber risks: Cyber-attacks and data loss continue to be major concerns, necessitating enhanced cyber risk management strategies.

2. 02

   Increased oversight and strategic investments

   Board involvement: There is increased board and CEO involvement in both cyber risk oversight and broader compliance issues, indicating a trend towards more integrated governance.

   Investment in cyber security: Organizations are significantly increasing their budgets for cybersecurity to manage growing risks.

3. 03

   Regional dynamics and insurance insights

   Expanded coverage: The survey includes insights from newly included regions such as Africa and the Middle East, reflecting a more global perspective on risk.

4. 04

   Preparedness and education

   Incident response: There appears to be enhanced confidence in handling cyber incidents through better-prepared response strategies.

   Awareness gaps: A considerable number of respondents are still unaware of the specifics of their D&O insurance coverage, highlighting the need for improved education and communication.

For those organisations looking for additional support, WTW offers a range of solutions to navigate these complex challenges

• Cyber risk assessment: Assisting firms in the assessment and testing of their level of cyber maturity;
• Cyber risk quantfication: Supporting the quantification of cyber risk to better understand the financial impact.
• Cyber and D&O insurance solutions: Customized solutions to mitigate financial impacts and enhance resilience.

Next steps

The 2024 survey highlights the critical need for robust, integrated strategies to manage both cyber risks and directorial liabilities in today's complex global environment. As these risks evolve, organizations must adapt their strategies accordingly. We invite you to explore the detailed findings of our survey and consider how WTW can support your organization in enhancing its resilience against these challenges.

Survey methodology

The survey methodology involved collecting responses from directors and officers and risk managers across more than 50 countries. This year, we expanded our focus to include new regions such as Africa and the Middle East, and have been able to provide a detailed analysis of more specific areas, including India. Our comprehensive approach ensures a diverse and inclusive understanding of the global risk environment.

About the survey