Cyber, Regulatory Risks Among Top Global D&O Risks in 2021

An article from Dechert discusses a recent release from the FBI and the Cybersecurity and Infrastructure Security Agency (CISA) that advises major companies to adopt a heightened state of awareness” in light of recent ransomware attacks in the U.S. and recommends a number of actions firms can take, including how to prevent and prepare for these attacks. Meanwhile, an annual  global survey from insurance broker Willis Towers Watson and law firm Clyde & Co. listed the top five risks identified by directors & officers for 2021, with cyber and data loss topping directors’ and officers’ list of concerns, reports the Insurance Journal. The eighth Directors & Officers Liability Insurance Survey included respondents located in North America (28%), the United Kingdom (34%), Europe (21%), Asia Pacific (16%), and Latin America (1%). Respondents ranked their concerns as follows:

• Cyber attacks (56% of respondents)
• Data loss (49%)
• Regulatory risk, including threat of fines and penalties (46%)
• Health & safety / environmental prosecutions (41%)
• Risk of employment claims (38%).