Risky business

Risky business | Insurance Business

Risky business
When it comes to business risks, nothing’s more dangerous than a headline-grabbing brand misstep

The integrity of a brand’s reputation is the top-ranked risk for businesses globally across numerous geographies and industries – and unlike many other threats, it is insurable. Cyber risk is also gathering pace as a top concern; although it only entered the top 10 in 2015, cybercrime was ranked by risk management professionals surveyed by Aon as the fifth most pressing issue faced by businesses today.

Business interruption also made the top 10, following a year in which economic losses from natural catastrophe events topped US$210bn and business interruption costs from such disasters have grown proportionally higher than they were a decade ago. Political uncertainties also re-entered the top 10 after a tumultuous year that saw volatility pervade typically stable developed nations.