Trust, data and reputation issues the focus of Gallagher Q2-18 Market Overview Report
Published 30 July 2018
The erosion of public trust in government, media and corporate institutions, and the flow-on impact on insurance premiums, is the focus of Gallagher's Q2-18 Market Overview Report, entitled Into the breach: trust and data regulate the new norm.
Key insights from the report include:
Boardroom trust issues, shareholder class actionsand the impact on D&O insurance cover
Insurer pushback on dirty energy projects; increasing appetite for renewable projects
Australian businesses increase cyber security spend as breach reporting laws kick in
Legal claims from failed students a key risk as international student population booms
Critical gap between data and medical science in managing sports concussion injuries
Sarah Lyons, Chief Executive of Gallagher Australia, comments: “Protecting brands and reputation in a data-driven world places the onus on boards to take proactive measures to safeguard customer data and preserve consumer confidence. We are seeing increased calls for company directors and executives to get to grips with rapidly evolving cyber and data privacy requirements.
“Add into the mix the spectre of inadequate corporate governance and enhanced regulator scrutiny, and you have an environment in which any suspected breach of trust can have serious ramifications for businesses, from both a financial and reputational perspective.”
The report also highlights how Australia has transitioned into a low-trust environment, citing the Royal Commission, ‘fake news’, high-profile sporting scandals and the #metoo movement as factors contributing to eroding levels of consumer confidence in national institutions.
The report is available for free download as an interactive web publication or abridged PDF via the banner below.