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May 2023

Global Risk Review

Supply chains slipping up on green ambitions

Companies are lagging in tracking supply chain emissions and risk missing forthcoming regulations on nature, according to the global non-profit disclosure platform CDP.

Ransomware focus heads south

The frequency and size of ransomware attacks has started to spread from organisations primarily based in developed economies in the northern hemisphere, to include more targets in the southern hemisphere including the Middle East, Asia, Australia, as well as South America, according to the specialist insurer Hiscox.

New research reinforces need for multi-layered security approach

The OpenText 2023 Cyber security Threat Report released in March 2023 explores the latest threats and risks to the small and medium business and consumer segments.

Climate change is destabilising insurance industry

Insurers face a crisis of confidence as global warming makes weather events unpredictable and increases damage, according to one of the world’s largest insurance broker Aon.

Political risk set to remain elevated but threat levels overestimated

Political risk is likely to remain elevated for multinationals throughout 2023 as several major factors combine to compound problems for risk managers, according to Marsh 2023 Political Risk Report.

AI can spread climate misinformation cheaper and faster

AI can be used for nefarious purposes, including spreading conspiracy theories, in a much cheaper and faster manner, according to a study by NewsGuard, a company that monitors and researches online misinformation.

Ozone-depleting CFCs hit record despite ban

Five man-made chlorofluorocarbons (CFCs) have reached record levels in the atmosphere despite a worldwide ban on their manufacture and use.

CEO insights on cyber resilience

A first-of-its-kind study has attempted to explore the minds of CEOs in managing cyber risk.

Staggering cost of mental health is a crisis for insurers

Global life and health insurers are paying up to $15bn a year in mental health-related disability insurance claims, according to a new study by The Geneva Association (GA), the leading insurance think-tank.

A new COVID-19 like pandemic could arise in next 10 years

There is a 27.5% probability that another COVID-like pandemic could occur in the next 10 years. A strong pandemic defence system, however, could reduce the 27.5% probability to 8%.

As world warms, droughts coming on faster

A new study published in a recent issue of scientific journal Science said that droughts are coming on faster and higher global temperatures are increasing the frequency of flash droughts.

Employers vastly overestimate worker wellbeing

A large gap exists between how workers feel about their financial, mental, physical and social health and how their employers perceive it, according to a new study by Metlife Insurance.