1. Home
  2. About Us
  3. Media and news
  4. 2017
  5. Technology risks top North American business worries in 2017

Technology risks top North American business worries in 2017

New York, NY and Schaumburg, IL, September 19, 2017

Terrorist attacks, large cyberattacks, and misuse of technology are the top risks facing businesses in the United States according to World Economic Forum (WEF) survey data, published today by strategic partners of the Forum’s Global Risks Report, Marsh & McLennan Companies (MMC) and Zurich Insurance Group (Zurich).

For Canadian businesses, large cyberattacks, asset bubbles, and climate change adaptation are the top risks, according to the survey.

The results are taken from the WEF’s proprietary Executive Opinion Survey (EOS), which provides a unique window into global business conditions and which, among many other things, asks respondents to identify the five biggest risks to doing business in their respective countries. The EOS was conducted between February and June and is based on responses from 12,411 executives across 136 countries.

Among the 249 US executives and 79 Canadian executives who responded to the survey, technological, geopolitical, economic, and environmental risks were identified as most likely to carry the greatest dangers for their businesses over the next 10 years.

 

Rank

Top United States risks of highest concern

1

Terrorist attacks

2

Large cyberattacks

3

Misuse of technology

4

Energy price shock

5

Data fraud/theft

 

Rank

Top Canadian risks of highest concern

1

Large cyberattacks

2

Asset bubble

3

Climate change adaptation

4

Fiscal crises

5

Extreme weather events

 

“While the threat of a large cyberattack remains a chief business concern among North American executives, 2017 saw an increase in concern for terrorist attacks and climate risks, most likely due to recent high profile events,” said Martin South, President, Marsh US and Canada. “Businesses should work with their risk advisers to thoroughly examine how these threats could impact their operations and determine appropriate risk management and business continuity measures. The good news, particularly for technology risks, is the insurance market is flush with capacity and now routinely provides protection for business interruption exposure in addition to more traditional cyber liability.”

“The world is becoming riskier every day. Business leaders understand that they are vulnerable to risks such as attacks from online hackers and terrorists, which can seriously impact their businesses,” said Mike Foley, CEO for Zurich North America. “These survey results remind business leaders to take the time now to evaluate their risks and understand the impact on their total risk profile.”

Since 2006 the World Economic Forum has provided world-leading analysis of the evolving global risks landscape in its flagship Global Risks Report, which is produced each year in collaboration with MMC and Zurich. The next edition of the Global Risks Report will be released in January 2018.

 

About Marsh

A global leader in insurance broking and innovative risk management solutions, Marsh’s 30,000 colleagues advise individual and commercial clients of all sizes in over 130 countries. Marsh is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), the leading global professional services firm in the areas of risk, strategy and people. With annual revenue over US$13 billion and more than 60,000 colleagues worldwide, MMC helps clients navigate an increasingly dynamic and complex environment through four market-leading firms. In addition to Marsh, MMC is the parent company of Guy Carpenter, which develops advanced risk, reinsurance and capital strategies that help clients grow profitably and pursue emerging opportunities; Mercer, which delivers advice and technology-driven solutions that help organizations meet the health, wealth and career needs of a changing workforce; and Oliver Wyman, a critical strategic, economic and brand advisor to private sector and governmental clients. Follow Marsh on Twitter @MarshGlobal; LinkedIn; Facebook; and YouTube, or subscribe to BRINK.

 

About Zurich

Zurich Insurance Group (Zurich) is a leading multi-line insurer that serves its customers in global and local markets. With about 54,000 employees, it provides a wide range of property and casualty, and life insurance products and services in more than 210 countries and territories. Zurich’s customers include individuals, small businesses, and mid-sized and large companies, as well as multinational corporations. The Group is headquartered in Zurich, Switzerland, where it was founded in 1872. The holding company, Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information about Zurich is available at www.zurich.com.

In North America, Zurich is a leading commercial property-casualty insurance provider serving the global corporate, large corporate, middle market, specialties and programs sectors through the individual member companies of Zurich in North America, including Zurich American Insurance Company. Life insurance and disability coverage issued in the United States in all states except New York is issued by Zurich American Life Insurance Company, an Illinois domestic life insurance company. In New York, life insurance and disability coverage is issued by Zurich American Life Insurance Company of New York, a New York domestic life insurance company. For more information about the products and services it offers and people Zurich employs around the world go to www.zurichna.com. 2012 marked Zurich's 100-year anniversary of insuring America and the success of its customers, shareholders and employees.