AON Risk Solutions, a global risk management firm, recently released its annual survey results. The 1400 survey respondents included CEOs, CFOs, and Risk Managers to include varying perceptions of risk. For the first time, cyber risk is listed in the top 10, reinforcing its emergence as a key risk factor.
Damage to brand and reputation was cited as the top overall concern by survey respondents. Cyber risk has been regularly linked to brand and reputation damage in the wake of data breaches. C-level respondents ranked financial and economic risks higher while risk managers were more concerned with liability-related risks. Cyber risk’s addition to the list is seen as agreement on its impact from the boardroom across the organization.
The top 10 risks are:
- Damage to reputation/brand
- Economic slowdown/recovery
- Regulatory/legislative changes
- Increasing Competition
- Failure to attract/retain top talent
- Failure to innovate/meet customer needs
- Business Interruption
- Third Party Liability
- Cyber Risk (computer crime/hacking/viruses)
- Property Damage