40% of insurance, investment and finance companies said they were ill-prepared for dealing with the biggest risks facing their company

Future risk

Insurance, investment and finance executives and risk managers’ biggest concern is damage to their reputation or brand, according to the Aon Global Risk Manager Survey.

The second most pressing concern was regulatory and legislative changes, followed by an economic slowdown or slow recovery from the recession.

Furthermore, more than one third (40%) of companies working in the insurance, investment or finance sector said they were ill prepared for the top 10 global risks as identified by the survey.

This compares to an average across all sectors of 37% (see below).

Firms ill-prepared for risks

However, when it comes to cyber risks, the insurance, investment and finance sector is the second-most prepared industry behind healthcare.

More than seven in 10 (72%) of healthcare companies surveyed by Aon had completed a cyber risk assessment, while this figure for the insurance, investment and finance sector stood at 59%.

Across all sectors, only 42% of companies had completed a cyber risk assessment, despite the risk ranking in the top 10 global risks for the first time in 2015.

Across Europe, the cross-sector figure stood at just 39%.

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