The technology, media and telecommunications (TMT) sector is undergoing rapid transformation as digitalization and Industry 4.0 make businesses and consumers more reliant on technology than ever before.
While this presents significant opportunities, TMT companies face a range of challenges, including evolving customer expectations, adapting business models, and justifying large investments—all amid growing regulatory, geopolitical and economic pressures.
To understand how the industry is adapting to this environment, global TMT leaders were surveyed.
The findings reveal a complex set of concerns, with issues like cybersecurity and data privacy dominating risk agendas, especially as AI becomes central to driving business growth. Regulatory changes and geopolitical tensions, including data privacy policies and state-sponsored cyber threats, further complicate the landscape.
Additionally, supply chain disruptions, whether caused by cyber incidents or trade disputes, present another layer of risk.
Successfully navigating these interconnected risks will likely be a key factor in determining which TMT companies thrive in the years to come.
Our survey was carried out by our partner Coleman Parkes research in May 2024, using a mixture of phone interviews and web-based survey forms.
We received 600 responses from senior decision makers within TMT businesses based in Europe, North America, Asia-Pacific and Latin America.
To effectively use the insights from the report for your TMT business, consider the following key points:
67% of TMT leaders surveyed emphasizing innovation as a top objective.
Prioritize innovation: With 67% of TMT leaders emphasizing innovation as a top objective, your business could focus on research and development (R&D) to stay ahead of competition. Embrace AI, machine learning, and other emerging technologies to drive growth and offer new products or services.
Strengthen cybersecurity: Cyber risk, especially ransomware, is a significant concern across TMT sectors. Consider investing in advanced cybersecurity tools and develop proactive strategies to address potential vulnerabilities, particularly as you integrate more artificial intelligence (AI) and Internet of Things (IoT) into operations.
“Ensure compliance with evolving policies in key markets and prepare for supply chain impacts driven by stricter regulations.”
Lay See Ong | Divisional Director, TMT Asia, Corporate Risk & Broking, WTW
Manage regulatory risks: Regulatory changes, particularly around data privacy and ownership, are major obstacles for TMT businesses. Ensure compliance with evolving policies in key markets and prepare for supply chain impacts driven by stricter regulations.
Adapt to geopolitical tensions: Trade disputes and rising nationalism around technology are disrupting global supply chains. Consider diversifying suppliers, exploring partnerships, and onshoring key operations to mitigate these risks.
Enhance supply chain resilience: Supply chain disruptions, both tangible (e.g., extreme weather) and intangible (e.g., cyber incidents), are growing concerns. Map your supply chain risks, diversify production, and develop redundancies to ensure business continuity.
Leverage AI for growth and risk management: AI presents significant opportunities but also introduces risks such as intellectual property infringement and energy consumption concerns. Consider using AI for business optimization while ensuring ethical deployment and mitigating legal liabilities.
Climate risk management: As AI and energy-intensive technologies expand, manage the carbon footprint and physical climate risks affecting data centers and supply chains. Invest in renewable energy sources and infrastructure resilience to meet sustainability goals.
Proactively manage reputational risk: With ESG and reputational risks becoming harder to manage, ensure that your business aligns with sustainability and governance standards. Build strong crisis management and communication strategies to protect brand value.
By addressing these key risks and leveraging opportunities identified in the survey, it can help your TMT business navigate challenges and drive future growth effectively.
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For specialist guidance in discovering smarter ways to managing your risks, reach out to us today.
