The pandemic heightened business leaders’ perception of IP related risk.
Aon’s 2021 Global Risk Management Survey showed intellectual property business risks featured in 5 of the top 10 risks.
Survey responses were from 2,000+ risk decision-makers from small, medium and large sized companies in 60 countries.
1. Cyber Attack/Data Breach
Cyber risk shot 5 places up the ranking due to the onslaught as criminals capitalised on the opportunity of employees working from home. Online attacks are now seen ‘as an epidemic of their own’, as reports suggest that business costs associated with ransomware attacks could reach $20 billion this year. Cyber threats risk damage to reputation and the fabric of the business, as few people really consider the associated risk of commercial secrets being stolen and transferred to rivals and others.
2. Business Interruption
The increased reliance on technology mean that disruptions can be systemic issues for business.
5. Damage to Reputation/Brand
A joint Aon-Pentland Analytics study found that a major reputational crisis causes a company’s shareholders to lose an average of 26 percent of value at some point during the post-crisis year. Given the impact of social media on the speed and spread of potential reputation-damaging news, businesses need to plan carefully for this eventuality.
6. Regulatory/Legislative Changes
As laws and regulations become both more far-reaching and detailed, the risk of non-compliance becomes more severe. GDPR fines have increased, and OECD BEPS (IP located profit shifting) is now much higher up the regulators targets.
10. Failure to Innovate/Meet Customer Needs
Innovation happens in a crisis and business leaders recognise that innovation is critical to future business success. Successful innovation to meet customer demand remains a business-critical issue and the processes and systems to foster innovation will continue as highly significant.
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Author: John Pryor Exalt IP