Marsh’s 2017 Communications, Media, and Technology Risk Study builds on the findings from our 2016 study, exploring what’s behind the increasing complexity in the risk environment, something that most communications, media, and technology (CMT) risk professionals pointed to as a key concern.
The 2017 study finds that CMT professionals are looking for answers to a number of similar questions, including:
- What happens if one of our data centers goes down?
- Where does the liability lay if hackers attack us or our customers?
- If the electronic components we manufacture fail, what is the right response?
- Do we have effective risk transfer in place to protect our bottom line to cover our intellectual property risk?
- Do we understand the changing nature of contractual risks?
To help find the answers to those and other questions, Marsh surveyed 120 risk professionals from various CMT sectors. While all of them do business in the US, most also had operations and risks in other parts of the world.
Among the key findings from the study:
- Rapid innovation, data privacy, and large technology company mergers are driving risk complexity for CMT companies.
- Potential financial severity is a key driver of how some companies perceive their top risks.
- Fewer than half of those surveyed are confident in their mitigation against top risks such as cyber and regulatory risk.
- Companies may be overlooking risk transfer options for intellectual property.