Cybersecurity is top business worry in ‘age of risk’: Marsh & McLennan CEO

Platform Industry: Hackers and cyber security

Cybersecurity has emerged as the most pressing vulnerability for business facing a new “age of risk,” topping the coronavirus pandemic and climate change, in part because cybercrime is so pervasive, the mind of insurance agent and consulting firm Marsh & McLennan Companies Inc has said.

“For most large multinational companies, cyber may not have been their largest exposure pre-COVID, but it’s certainly their biggest exposure now,” CEO Dan Glaser said at the Reuters Events Future of Insurance USA summit.

Cyber risk also is problematic for companies to deal with conclusively.

“CEOs like to get things done and say it’s finished,” he explained.

“It will continue for the rest of all of our careers.”

Climate change and the culture of remote working are another leading dangers cited by companies, Mr Glaser said. Climate is less instantaneous than cybersecurity because it is developing slowly and its impact, through these devastating events as larger wildfires and stronger hurricanes, will grow over the next five years or longer.

Cultural changes caused by technology are just another top risk. Digital capacities are “table stakes” for insurance companies to grow, be efficient and “delight” customers. Yet robotics, remote working and artificial intelligence “are going to have dramatic impact on the workplace and on culture,” Glaser said. “So culture is one of these risks.”

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A recent report from Marsh & McLennan unit Oliver Wyman predicted at least a second year of disturbance in the outbreak, despite recent news about vaccine development, Glaser said.

“It’s just very difficult to get hundreds of millions of vaccines available for use in any short period of time,” Glaser said.

The team at Platform Executive hope you have enjoyed this news article. Initial reporting via our official content partners at Thomson Reuters. Reporting by Alwyn Scott in New York. Editing by Bernadette Baum and Matthew Lewis.

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