The COVID-19 pandemic exacerbated the threat and likelihood of cyber security breaches for organizations, Munich Re’s 2020 cyber risk report found. Despite the growing risk of cyber attacks, companies and organizations are still not utilizing cyber coverage to its fullest advantage.
In their annual risk report, Allianz reported that the risk of pandemic outbreak skyrocketed to the top of 2020’s largest risks. Other risks that are usually ranked high, including business interruption and cyber risk, became even more prominent amid COVID-19.
If 2020 has taught us anything, it is that risk does not discriminate, it does not care about economic status, race, gender, or nationality. To face the new level of complex risks and uncertainties facing our global markets, more innovative and resilient risk management models are needed in 2021 and beyond.
The year 2020 brought unexpected and grueling risk across several different sectors. We take a look at the most prominent risks faced this year and the lessons learned from them as 2021 quickly approaches.