According to Cyber Security Intelligence, Allianz's Risk Barometer for 2020 shows cyber incidents as the most important business risk according to 2,718 risk management experts from 102 countries and 22 industry sectors. Business interruption, changes in legislation and regulation, natural catastrophes and market developments round out the top five; climate change is seventh - its highest ranking to date.
If that survey were taken today, it is a safe guess that coronavirus COVID-19 would be high on the list, if not first. It has impacted nearly every industry from healthcare to international trade and tourism and even cyber risk (crises always bring out the scam artists).
The lesson is that risk is not static, but always changing. Organizations must constantly review their disaster plans and stay abreast of new developments. This includes rereading your insurance policies. Just as was the case with cyber risk, coronavirus was never intended to be an insured risk. Now that we're seeing worldwide disruption, insurers must face the question if and how they want to cover it.
To speak with one of our insurance experts today about your current policies and your risk exposure to these top risks in 2020, schedule a quick phone call below: