Mid-market business leaders in the US view cyber, economic, and regulatory risks as the biggest threats to their operations in 2024, according to a new report by Marsh McLennan Agency.
The report reveals that 75% of businesses are highly concerned about cybersecurity and data privacy risks, partly due to their increasing reliance on third-party data management vendors.
Economic risks are the second highest concern at 63%, driven by ongoing inflation and higher interest rates. Regulatory risks follow closely at 61%, including issues like strict worker classification rules and Biometric Information Privacy Act (BIPA) laws.
Denise Perlman, President and National Practice Leader of Business Insurance at Marsh McLennan Agency, comments, “Mid-market organisations are operating in an increasingly complex and volatile business environment requiring a more proactive approach to risk identification and mitigation.”
Perlman adds, “Despite the challenges, our findings show that organisations are becoming more mindful of their business’ vulnerabilities and are seeking to ensure proper insurance coverage is in place to protect their bottom lines.”
The report also notes that 64% of respondents conducted a thorough review of their insurance coverage in 2023, up from just 14% in 2022.
Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.