In a recent survey by insurance firm Assurex Global, 49% of brokerage executives surveyed deemed “cyber and technology risks” one of the top three exposures facing their clients, followed by talent recruitment and retention (43%), rising employee benefit costs (41%), and natural disasters (40%).
However, when asked to narrow their choice to the single most significant risk confronting their clients, cyber risk, which was cited as the biggest exposure by just 9% of the respondents, dropped to fourth place. “It’s clear that cyber risk is universally on the minds of business executives at middle-market companies around the world,” Assurex Global CEO Jim Hackbarth told Insurance Journal. “Yet, when you drill down to what really keeps their clients awake at night, the same executives will answer differently.”
Meanwhile, only 50% of middle-market executives surveyed earlier this year by Deloitte LLP cited information security as the technology trend expected to have the greatest impact on their businesses during the coming year—despite ever-more-prolific cyber-threats. Fifty percent of executives said their companies do not have the most up-to-date, robust security measures in place, and more than half said their companies do not encrypt sensitive information.
Interestingly, the degree to which cyber-risk causes middle-market firms concern—and what they prioritize instead—varies by operating region. Among companies in the U.S. and Canada, talent recruitment and retention, rising employee benefit costs, and natural disasters trumped cybersecurity on the list of important exposures in order of priority. By contrast, among companies headquartered in Latin America, cyber-risk ranked second on the list of exposures meriting concern, superseded only by natural disasters.
Change is clearly warranted, said Adnan Amjad, a Deloitte partner, on the firm’s blog. “It’s time for (middle-market company) leaders to treat cyber-risk as a board level issue. It’s critical that there are “processes in place to identify, protect, and monitor” companies’ valuable information.
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1:00 - 5:00 pm
Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process
Executives expressed frustration with their current strategic planning process. Issues include:
Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns. They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning. Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process. This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented. If you are ready for a Strategic Planning tune-up, select this workshop in your registration form. The additional fee of $695 will be added to your total.
2:00 - 5:00 pm
Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations.
Limited space available.
10:30 - 5:00 pm
General’s Retreat at Hermitage Golf Course
Sponsored by UBS
General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.
The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.
