Protecting the organization against the financial risks caused by cyber attacks, climate change, or shareholder disputes are just some of the reasons why a company would take out directors and officers (D&O) liability insurance. This type of insurance reimburses the directors and officers of a company for losses incurred due to legal action brought against them in their role at the company. In 2022, directors and risk managers globally were most concerned about the risk of cyber attack and data loss to their organization. Most companies store their data digitally and the number of data breaches has been rising over the past 15 years.
Another emerging risk for companies is the return to the office, COVID-safety, and vaccination status of employees. The rate of COVID-19 vaccine doses administered globally varies between countries and regions. Even within some countries there are disparities: The share of people who are fully vaccinated varies between 50 and 80 percent between U.S. states. As of August 2022, there had been almost 6,000 lawsuits filed by employees in the U.S. alone related to the COVID-19 pandemic. The issues ranged from workplace safety concerns to reimbursement of expenses for working from home.
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