Cyberattacks and geopolitical risks are the biggest emerging issues chief risk officers (CROs) expect to contend with during the next three years, according to a survey from the Institute of International Finance (IIF) and Ernst & Young (EY).

When it comes to cyber risk, 46% of CROs view third-party vulnerabilities as the biggest threat to their operations, while geopolitical risks are framed around the macroeconomic impact, increased cyberwarfare and regulatory changes.

"Insurance CROs continue to hunt for opportunities to drive growth and reduce the operational risk associated with that, including third-party cyber risk," Isabelle Santenac, EY global insurance leader, said in a release. "With record-breaking natural catastrophes in 2023, the pressure on carriers to tackle the increasing multibillion-dollar protection gap is compounded by shrinking budgets and scarce talent to tackle some of the most pressing climate-related disasters our generation has faced."

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Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]