Video: Cyber and reputational risk now a prominent threat to business

Emerging risks such as cyber are becoming a more prominent threat to businesses according Paul Collins, corporate risk engineering manager Allied World.

In a video interview Collins highlighted a number of emerging risks that are now “at the forefront”.

He said: “The complexity of risk is changing and what I class as emerging risks around supply chain, cyber, which are, in fact, long-established risks are moving more to the forefront.”

“So for insurers, it is about trying to adapt [insurance solutions] around those risks and make the insurance industry relevant to customers. At Allied World, we are continually adding to our product range.”

He added: “Insurers and the wider community have conducted a number of polls and what we are seeing from these is that supply chain is undoubtedly very high on the list of risks that businesses are concerned about. Allied to that are [threats connected to] emerging markets and the socio-political environment. Reputational risk has also come to the forefront. Take the recent horsemeat scandal. The reputational damage to businesses affected by that scandal was enormous, both to their brand and their share price.”

Click video above to watch the full interview