Business interruption is the top concern in the Asia Pacific

ASIA PACIFIC: A 2021 study done by services firm Aon revealed that business interruption and cyber attacks are among the top concerns for firms in the region.

The survey which had 2,300 respondents from 60 countries showed that cyber attacks topped the list as the number one risk, globally.

However, in the Asia Pacific, business interruption topped the list, followed by cyber attacks. Legislation changes scored the lowest in the region.

Failure to attract or retain talent ranked number nine in the list, compared to 2020 where it was 10th position. The impacts of the Covid-19 pandemic did play a role in disrupting the labour market.

"Risk profiles have been and will continue to change as businesses and economies emerge from the pandemic. New exposures have appeared and therefore our understanding, readiness and ability to manage and transfer risk must evolve along with them," said Anne Corona, Aon CEO for Asia Pacific.

"There is an increasing need to innovate to address these 'known unknowns.' As we face unprecedented events, businesses must proactively prepare and manage the current and emerging risk exposures," she added.

The ongoing labour shortage and the increased difficulty to retain talent is something firms in the region need to address as we move into the post-pandemic phase.

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