The Technology Media and Telecoms Risk Report 2024 by WTW highlights cyber and data privacy risks as the primary concerns for the TMT sectors.
The report surveyed the global TMT industry and indicated that heightened cyber threats accompany reliance on artificial intelligence (AI) and machine learning for growth. Specifically, 51% of media and telecoms businesses and 46% of technology firms identified cybersecurity as a major risk, with ransomware attacks being the top concern, as noted by 62% of respondents.
Regulatory challenges were also a significant concern, with 55% of respondents citing them as the biggest barriers to achieving strategic objectives. This is attributed to assertive government rules regarding ownership structures and dominant market positions in critical technology and infrastructure areas.
Trade tensions remain a predominant geopolitical issue, with 74% of participants indicating these disputes as critical concerns. These concerns are heightened by the ongoing trade disengagement between China and the West, posing restrictions and tariffs.
Climate change and ESG issues are affecting business strategies, with 50% of respondents expressing…
