The cyber risk sector is constantly evolving, and it is crucial for reinsurers to keep up with the latest developments in the space. Looking toward the remainder of 2020 as COVID-19 upends how businesses interact with technology, the reinsurance market sees a number of emerging trends.
While COVID-19 remains a threat worldwide, societies and businesses are keen to restart economies and return to work safely without causing a resurgence of infection. Some governments are rolling out digital tools in attempts to control the spread of the disease.
These efforts vary across countries and regions in effectiveness, and some businesses may find it desirable to pursue their own solutions to return to work safely and sustainably before their financials and market positioning weaken further. Leading firms are already evaluating and deploying tools to track employees’ health, with a view toward boosting their safety and confidence in returning to workplaces and mitigating the risk of start-stop operations.
This latest publication from Marsh & McLennan explores how in reigniting economic activities, businesses – and governments and societies – need to balance the imperatives of public health and individual liberties, and to do so against a backdrop of widespread concerns about personal data exploitation, the slippery slope of surveillance and potential cyber incursion. Employers that get the balance right will not only strengthen their results and competitiveness but also reduce liability exposures and foster enduring employee trust and loyalty.
Marsh & McLennan Advantage Insights colleagues Kavitha Hariharan, Director, Healthy Societies, Ben Hoster, Managing Director, Transformative Technologies and Jaclyn Yeo, Research Manager.
Guy Carpenter’s Cyber Global Center of Excellence is actively following and responding to significant developments in the cyber risk sphere, including those related to COVID-19, and is helping clients adapt to evolving technologies.