Cyber Security, the Economy, and Regulatory Compliance Top Concerns for Mid-Market Leaders: Marsh McLennan Agency Report
Marsh McLennan Agency’s 2024 Business Insurance Trends Report is based on over 500 responses from primarily C-Suite executives at businesses with under 250 employees and between
When asked what risks they are extremely or very concerned about as a threat to their business, 75% said cybersecurity and data privacy risks, in part due to growing reliance on third-party data management vendors. Economic risks, highlighted by ongoing inflation and higher interest rates, were cited second by 63% of respondents, followed closely by regulatory risks, such as strict worker classification rules and Biometric Information Privacy Act (BIPA) laws, reported by 61% of respondents.
While only making up 5% of total national businesses in the
“Mid-market organizations are operating in an increasingly complex and volatile business environment requiring a more proactive approach to risk identification and mitigation,” said
According to the report, 64% of respondents indicated that they conducted a thorough review of their insurance coverage in 2023; up from just 14% in 2022.
Rounding out the top five reported concerns are workforce risks (57%), such as an increased focus on ergonomics, fall prevention and protection introduced by the
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