The survey asks respondents to consider two principal categories of risk – risks for businesses and risks for directors and officers. Results from 2023, compared to the two prior years, are below. Consistent with prior years, the top two risk concerns for businesses were: “economic risks” and “cyber risks.” For the first time in the business risk part of the survey, we asked about risks associated with “regulatory/legislative change” and that has immediately come in as the overall number three risk for businesses.
For our purposes in this post, we focus on the responses of North American participants. Looking at the risks for directors and officers in this region, also consistent with prior years’ results, cyber-related exposures dominated all other risks in 2023. Specifically, “cyber attack” (a concern for 72% of respondents), “data loss” (68%), and “cyber extortion” (60%) comprised the top three risk concerns. Rounding out the top five were sub-topics first introduced in the survey this year, also cyber-related: “cyber crime” (55%) and “sufficient cyber expertise at board level” (38%). In fact, respondents in North America were more concerned about this last risk than respondents in any other region.
Source: Guest Post: What has You Worried? Notes from WTW’s 2023 D&O Survey | The D&O Diary
