Many of you are officers of your company. What is your main worry? Cyber attack? Probably. Another worry? Regulatory claims that involve you and your directors and officers insurance.
Willis Towers Watson’s sixth annual D&O: Personal Exposure to Global Risk checked in with 161 directors and officers about cyber attacks and other subjects, and found 44% have experience a significant or sizable data loss in past year.
A year ago that figure was 24%.
The other top risks:
• Health and safety legislation
• Criminal and regulatory fines
This is where D&O comes into play:
• 43% of large employers experienced a regulatory claim involving a director in the last year
• 38% of all companies surveyed reported the same thing
• 60% say company behavior is being changed because of a focus by regulators on personal accountability of directors and officers
The Willis Towers Watson report said many company leaders wonder whether a D&O policy will be able to respond to claims in all jurisdictions. That led to worries about:
• How claims against directors and officers will be controlled and settled
• A broad definition of who is insured in clear, easy to follow policy terms
• Whether there is coverage for the cost of advice in the beginning of an investigation
Source link: Business Insurance