The Society of Actuaries (SOA), the world’s largest actuarial professional organization, recently released its annual survey of emerging risks in conjunction with other partner organizations. The good news for security programs is that cyber risk for the first time in five years was not ranked at the top of the list. The bad news is that cyber security is still a formidable challenge for organizations.
Knocking cyber security from the top spot is climate change, which ranked as both the top current risk and the leading emerging risk, according to the 12th Annual Emerging Risks Survey of Risk Managers from the Joint Risk Management Section (JRMS) of the Canadian Institute of Actuaries (CIA), Casualty Actuarial Society (CAS), and the Society of Actuaries (SOA).
The study is based on an online survey of 267 risk managers worldwide conducted in November 2018, and shows that risk managers perceive climate change (12%), cyber risk (11.6%), and financial volatility (11.2%) to be the three greatest current risks.
While climate change edged out other risks this year, it is important to note that cyber risk is still a strong threat, the study said. The emerging risks follow a similar…
