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Regional overview, North America

By Lawrence Fine | July 5, 2022

Cyber attack ranked as number one risk by directors’ and officers in North America
Cyber Risk Management|Environmental Risks

The fact that cyber attack was rated in North America as the number one risk, as it was in four other geographic regions, not including Latin America, is not surprising. It’s worth noting the next two ranked risks are also related to cyber, with cyber extortion in third position and data loss in second place and the two being closely related to each other since extortion creates an increased risk of data loss.

While North America has seen many headlines relating to cyber risks, particularly cyber extortion, it is still debatable whether in dollars and cents cyber-related risks for directors and officers deserve all three of the first three spots on the risk survey.

North America is the only region where the directors and officers rated ‘return to work/COVID safety’ and ‘social engineering crime’ as numbers four and five respectively. These two categories did not appear in any other region’s top seven list. In the U.S. in particular, there has been more COVID-related litigation than in other regions, although perhaps not as much as many insurers may have anticipated. A rise in social engineering crime in the last few years has resulted in actions by some insurers to exclude such risks.

‘Supplier business practices’ came in as the sixth-ranked risk, compared to its fifth-place rating in Asia.

‘Supplier business practices’ came in as the sixth-ranked risk, compared to its fifth-place rating in Asia. (This was not a major factor anywhere else). It seems North American respondents may have anticipated the current global supply chain issues and the ripple effect these could create for indirectly effected companies.

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