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Despite the pandemic, data security and privacy remains the top concern of technology companies, with COVID-19-related risks holding eighth place among concerns, according to a global survey of communications, media, technology and emerging industry risk professionals conducted by Marsh LLC that was issued Tuesday.
A total of 72% of the more than 170 surveyed cited data security and privacy as their highest concern, according to the survey. This was followed by digital business interruption, identified by 54% as their top concern, information technology resilience, 53%, contingent business interruption, 52%, directors and officers liability, technology errors and omissions and intellectual property risk, each cited by 47%, and pandemic risk, 44%.
A total of 71% cited data security and privacy as the risk most expected to grow in complexity, followed by digital business interruption, 54%, information technology resilience, 50%, and pandemic risk, 42%.
COVID-19 has not had major financial impact on most tech companies, with 33% stating it has caused a near-term decrease in revenues or slowing in growth, and just 4% considering it an existential threat to their business.
A total of 52% said the transition to new work environments required by the pandemic had minimal impact, while 40% reported “some glitches” or challenging areas, but said operations were generally running well.
Those surveyed included a mix of Marsh clients and potential clients, according to a spokeswoman.
More insurance and risk management news on the coronavirus crisis here.
Employers testing their workers for COVID-19 should be wary of inadvertently also collecting biometric information in violation of state privacy laws.