Cyber security and data privacy top people-related risk in Asia
Source: Middle East Insurance Review | Sep 2022
Cyber security and data privacy are now ranked as the top people-related risk by companies in Asia and these are followed by the risk of pandemics and other communicable diseases, and administration and fiduciary risks.
A new report by Mercer Marsh Benefits (MMB) People Risk: Resetting priorities to manage risks for workforce and business resilience, analyses the top 25 people risks and identifies the main barriers these organisations face in addressing these threats.
The report surveyed over 2,500 human resource and risk professionals in 25 countries globally and includes data from over 600 respondents from Asia.
According to the report only 48% of respondents in Asia believe that their organisation has effective cyber security policies, controls and systems in place such as multi-factor authentication and data encryption.
Nearly half (45%) of respondents cited the ‘lack of skilled resources to understand and address risks’ as the main barrier to managing cyber risks. Further, while 76% of respondents in Asia stated that their organisation is addressing HR technology obsolescence, fewer than half (45%) believe that they have suitable processes in place to manage digital-first benefits administration and talent management.
Respondents in Asia still view pandemics as a top risk, however, only 47% of respondents stated that they have effective policies and support systems in place to enable remote, hybrid or other flexible ways of working and support a culture of employee health, wellbeing and safety (46%).
The report said the focus on immediate threats may have come at the expense of support for employees. Despite 89% of respondents in Asia flagging health and safety of employees as a serious threat, risks such as diversity, equity and inclusion, mental health, workforce exhaustion and work-related illness and injury have been deprioritised. M