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The 2014 Chubb Multinational Risk Survey

As US and Canadian businesses plan to expand their business overseas this year, supply chain failures, data breaches and political instability are weighing heavily on the minds of their executives, according to a survey by the Chubb Group of Insurance Companies.

The 2014 Chubb Multinational Risk Survey identified the top overseas business threat as supply chain failure (19 percent). A data breach/cyber event (15 percent) was ranked second, and government/regulatory investigation and political instability were tied for third (13 percent). Natural catastrophe (12 percent) was ranked fourth out of the 10 events listed.

The survey also found that one in two (52 percent) businesses plans to increase its overseas activity in 2014. Survey respondents expect to increase overseas travel (27 percent), introduce new products in foreign markets (27 percent) and increase employee headcount abroad (26 percent).

Nearly half (45 percent) of the executives surveyed noted that overseas risks pose a greater threat to their company than domestic ones, while one-third (33 percent) reported that overseas risks are an equal threat. In addition, nearly half (48 percent) of the companies had experienced at least one loss related to conducting business overseas over the last three years.

Supply chain risk

Despite their concern regarding supply chain failure, only 56 percent of companies have a business continuity plan that addresses overseas risks, and 22 percent of companies that do have a plan have never tested it.
Larger companies (74 percent) were much more likely to be prepared for overseas business interruptions than smaller companies (48 percent).

Forty percent of respondents require their overseas suppliers and vendors to have a business continuity plan.

Employee travel risk

Two out of three (69 percent) companies have employees who travel outside the United States and Canada on business, according to the survey. Only 57 percent of the companies provide emergency medical care or evacuation assistance to those employees.

Mobile device and social media risk

Employees traveling with mobile devices are increasing the potential for cyber-related data breaches. Nearly three in four (72 percent) companies allow employees to use their own mobile devices, such as smartphones, tablets and laptops, for work. However, companies with fewer than 500 employees (80 percent) are more likely to permit these devices, compared to 67 percent of companies with 5,000 or more employees.

Eighty-two percent of companies require at least one security feature on mobile devices used for work, including password protection (75 percent), encryption (53 percent) and the ability to remotely wipe clean the device (39 percent).

Survey respondents also were asked whether their companies have established global social media policies. Sixty-three percent of the firms have social media policies that extend to overseas employees, and 23 percent of these firms have tailored the policies for different locations. However, large companies (77 percent) were significantly more likely to have an overseas social media policy than smaller companies (55 percent).

Chubb's survey of 300 senior executives was conducted by JLA Strategic Research, an independent public opinion and market research firm.

http://www.chubb.com

•Date: 30th April 2014 • N.America •Type: Article • Topic: BC statistics

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