Magazine

Read the latest edition of AIR and MEIR as an Interactive e-book

Oct 2023

Global Risk Review


Cyber security helps decrease cyber incidents

Cyber claims data available in Beazley’s Cyber Services Snapshots shows that in the first half of 2023 there was an uptick in ransomware incidents, with data exfiltration a major threat in a vast majority of cases.
 


Fossil fuel subsidies surged to a record $7tn in 2022

Fossil-fuel subsidies rose to a record $7tn in 2022 as governments supported consumers and businesses during the global spike in energy prices caused by Russia president Vladimir Putin’s invasion of Ukraine and the economic recovery from the pandemic according to the IMF.
 


US: Spending on mental healthcare rose by more than half

Spending on mental healthcare services by private health insurance policyholders in the US has surged since the beginning of the COVID-19 pandemic according to a new study.
 


Pandemic has ended but coronavirus is still around

The pandemic has ended but the COVID-19 virus is still around and countermeasures are still required according to World Health Organization (WHO).
 


Companies should avoid wellbeing washing

The battle to secure and hold talent means that employers have stepped up their corporate wellness offerings. However, the consensus is that most employees are not enthralled with what their organisations are bringing to the table.
 


Asia: Business interruption is the top risk for technology sector

The risk of contingent business interruption has overtaken the risk of cyber security as the top risk for technology sector in Asia according to a new survey conducted by global (re)insurance broker Marsh.
 


Risk managers need to play more prominent ESG role

Sixty-four percent of senior business leaders believe ESG risks are among the top two most impactful threats to their organisation, yet only 19% report that their chief risk officers are playing a leading role in setting climate and net-zero strategies according to a new survey by research and advisory firm Verdantix.
 


Cyber insurance: Demand is surging but due diligence is missing

A significant gap continues to grow between insurance providers and organisations seeking affordable and comprehensive cyber insurance coverage according to a new study.
 


Climate change: Tropical forests could get too hot for photosynthesis

Climate change and rising global temperatures could make tropical forests get so hot that some types of leaves will not be able to carry out photosynthesis according to a new study.
 


Rapid shifts from drought to floods are getting more common

Sudden shifts from droughts to heavy floods are becoming more common as the climate changes according to a new study.
 


Cyber security: Adhering to regulations is not enough

Freedom from cyber incidents cannot be guaranteed by checking regulatory compliance boxes. Compliance policies are standardised by design and creating personalised security policies on a case-by-case basis is not feasible on a large scale.
 


Africa climate crisis is fuelled by global banks

The causes fuelling the climate crisis are receiving 20 times more financing than the solutions according to a new report by ActionAid.