A recent Chubb survey uncovered a lack of concern among public companies about increasing odds that they or their directors could be sued within the next year. The odds are alarming: Nearly one in four of the companies surveyed already have been sued, despite 80 percent originally considering it unlikely.

M&A activities and the enforcement of anti-bribery laws increase directors' and officers' vulnerability to suits brought by shareholders, regulators, customers, vendors and competitors. Sixty-four percent of respondents have been involved in M&A activities in the past 2 years.

Chubb also found that the U.S. Securities and Exchange Commission and the Dept. of Justice have been more stringent in regards to the Foreign Corrupt Practices Act (FCPA), which makes it illegal for businesses to pay off foreign companies to win their business. Investigations related to FCPA violations are costly and could result in large fines. 2011 saw record increases in settlements for violations, but of the businesses surveyed, 78 percent were not concerned about being investigated or incurring violation-related expenses.

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