Health & safety emerges as the top risk for 84% of directors and officers according to the 2024 Global Directors’ and Officers’ Survey Report from WTW and Clyde & Co. Cyber-attack (including cyber extortion) risks follow closely with 79% of global directors, officers and risk managers ranking it as very or extremely important.
“Health and Safety is the new top risk facing directors in APAC, taking the top position from cyber-attacks as last year’s survey leader in the region. The new #1 echoes the results of other regions (except Great Britain), similarly noting Health and Safety as the foremost risk facing them in 2024. This reiterates the unique and complex issues facing today’s directors, which go beyond simply financial obligations of shareholder return,” said Simon Weaver, the head of Asia Pacific and Head of Corporate Risk & Broking at WTW Asia Pacific.
Cyberattacks
Weaver was not surprised that cyber-attacks, including cyber extortion, came in as the #2 top risk facing directors and officers in APAC, especially with artificial intelligence changing the security, operation, and automation landscape.
He recommends organisations prioritise risk management practices to address emerging threats and affirms the commitment of WTW to be at the forefront of risk and insurance advisory.
“The report underscores the dynamic and complex nature of the risk landscape currently facing directors. What we have seen is that there is a pressing need for better education on D&O insurance and indemnification practices to ensure directors and officers are comprehensively protected,” James Cooper, partner and the global chair of the Insurance Practice at Clyde & Co said.