Cyber risk is a rapidly growing threat that will continue to evolve over the next decade. The COVID-19 pandemic and the shift to a digital work environment have increased our reliance on technology — and with it, our risk exposure to cyberthreats. The total number of global ransomware reports increased by a staggering 715.8% from 2019 to 2020, while predicted damages from ransomware are expected to reach $20 billion this year alone.[1]
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Though ransomware is the predominant concern today, cyber risk may take on new forms as hackers become more sophisticated in their approach. We have yet to experience a widespread catastrophic cyber event — for example, a shutdown of a critical energy infrastructure — but the growing scale and scope of recent cyber risk events (such as the Colonial Pipeline attack) hint at the destructive potential of such a threat.
One of the most effective ways to protect your company against cyber risk is a cyclical strategy that includes a combination of assessment, quantification, insurance and incident-response readiness.[2]
Supply chain and vendor risk - header 2
The COVID-19 pandemic exposed the fragility and potential disruption inherent in our global supply chains. Since last year, companies (and consumers) continue to face persistent supply shortages, delays and rising commodity costs. In addition to the market disruptions caused by the pandemic, supply chains are susceptible to emerging risks such as extreme weather events, cyberthreats, supplier insolvency and the shifting winds of geopolitics. In response, companies are looking toward onshoring and new models to replace the just-in-time inventory strategies that dominated the past couple of decades.
In this environment, it will become even more important for companies to conduct vendor-resiliency analyses that will allow them to understand their supply chain dependencies and mitigate supply disruptions.[3] The unpredictability of commodity shortages and costs will also require a more flexible and long-term approach to capital investment projects, with a particular emphasis on contingency planning and scenario analyses to assess and quantify risk.[4]
Pandemic risk - header 1
North American companies continue to grapple with the long tail of the COVID-19 pandemic — including a patchwork of mask mandates and vaccination policies, ongoing school and facility constraints, and renewed uncertainty around a return to the office for employees as the pandemic continues to linger.
While the crisis has affected aspects of many organizations, its impact on employees may have the most lasting effects in the next decade. For example, more than 40% of respondents to a recent global survey said their mental health has declined since the COVID-19 outbreak.[5] Organizations have increasingly recognized their role in supporting mental and physical health and safety in the workplace, but many still have a long way to go.
As the pandemic continues to shift how, where and when work gets done, it will be critical for organizations to understand the evolving human capital risks and build a resilient workforce to protect their single largest asset — their people.
Pandemic risk - header 1
North American companies continue to grapple with the long tail of the COVID-19 pandemic — including a patchwork of mask mandates and vaccination policies, ongoing school and facility constraints, and renewed uncertainty around a return to the office for employees as the pandemic continues to linger.
While the crisis has affected aspects of many organizations, its impact on employees may have the most lasting effects in the next decade. For example, more than 40% of respondents to a recent global survey said their mental health has declined since the COVID-19 outbreak.[5] Organizations have increasingly recognized their role in supporting mental and physical health and safety in the workplace, but many still have a long way to go.
As the pandemic continues to shift how, where and when work gets done, it will be critical for organizations to understand the evolving human capital risks and build a resilient workforce to protect their single largest asset — their people.
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Cyber risk is a rapidly growing threat that will continue to evolve over the next decade. The COVID-19 pandemic and the shift to a digital work environment have increased our reliance on technology — and with it, our risk exposure to cyberthreats. The total number of global ransomware reports increased by a staggering 715.8% from 2019 to 2020, while predicted damages from ransomware are expected to reach $20 billion this year alone.[1]
This is sample text.
Also sample text.
One more line of sample text.
Though ransomware is the predominant concern today, cyber risk may take on new forms as hackers become more sophisticated in their approach. We have yet to experience a widespread catastrophic cyber event — for example, a shutdown of a critical energy infrastructure — but the growing scale and scope of recent cyber risk events (such as the Colonial Pipeline attack) hint at the destructive potential of such a threat