According to a new industry report released by Marsh, reputational risk is climbing quickly up the list of major concerns for risk leaders.
According to the report 80% of the those surveyed, which covered a group of 300 risk leaders from around the globe, said reputational risk now ranked as the fourth-biggest risk facing their organizations. In 2022, it was ranked 10th.
The report is fascinating reading and does a deep dive into the risk factors that are on the minds of industry leaders at the moment, and also discusses the things that risk leaders are anticipating becoming more problematic for their companies. One of these emerging issues is increased use of cryptocurrency. For example, the report notes that while adoption is still low it is gaining steam amongst consumers as 1 in 5 Americans has invested or bought a cryptocurrency.
The report noted that crypto is also ripe for fraud and a market leader in this area as from January ’21 to March ’22 over 46,000 people reported losing over $1 billion to crypto scams.