Cyber security and data privacy followed by pandemics and other communicable diseases, and administration and fiduciary risks are now ranked as the top people-related risk by companies in Asia.
A new report by Mercer Marsh Benefits (MMB) People Risk: Resetting priorities to manage risks for workforce and business resilience, analyses the top 25 people risks and identifies the main barriers these organizations face in addressing these threats.
The report surveyed over 2,500 human resource and risk professionals in 25 countries globally and includes data from over 600 respondents from Asia.
According to the report only 48% of respondents in Asia believe that their organization has effective cyber security policies, controls and systems in place such as multi-factor authentication and data encryption.
Nearly half (45%) of the respondents cited the ‘lack of skilled resources to understand and address risks’ as the main barrier to managing cyber risks. Further, while 76% of respondents in Asia stated that their organization is addressing HR technology obsolescence, fewer than half (45%) believe that they have suitable processes in place to manage digital-first benefits administration and talent management.
Respondents in Asia still view pandemics as a top risk, however, only 47% of respondents stated that they have effective policies and support systems in place to enable remote, hybrid or other flexible ways of working and support a culture of employee health, wellbeing and safety (46%).
MMB Asia and Pacific regional leader Joan Collar said, “As the pandemic continues to accelerate digitalization, it is no surprise that cyber risks are considered as the top people-related risk in Asia.