Cybersecurity and data privacy is now ranked as the top people-related risk by companies in Asia, followed by the risk of pandemics and other communicable diseases, and administration and fiduciary risks, reveals a new report by Mercer Marsh Benefits (MMB).
MMB’s report, People Risk: Resetting priorities to manage risks for workforce and business resilience, surveyed over 2,500 human resources and risk professionals in 25 countries globally and includes data from over 600 respondents from Asia.
Analysing the top 25 people risks, the report identifies the main barriers these organisations face in addressing these threats.
According to the research, only 48% of respondents in Asia believe that their organisation has effective cybersecurity 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. Then, 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…
