Issue 2 2019

Acquisition International - Issue 2 2019 21 Another piece of research, this time compiled by Allianz in its Allianz Risk Barometer 2019, shows that cyber threats and changes in legislation and regulation, including concerns around Brexit are considered the top risks by UK risk experts, coming joint first in the survey with 48% of responses. “It’s no surprise to see changes in legislation and regulation as the new top risk in the UK, jointly with cyber threats,” said Tracey Hunt, Deputy CEO, Allianz Global Corporate & Specialty (AGCS), UK. “Uncertainty around Brexit along with concerns around a potential increase in the regulatory burden and global trade disputes have made confidence fragile. UK businesses also continue to be occupied by the threat of cyber-attacks. The consequences of a major data breach have never been greater since the EU’s General Data Protection Regulation (GDPR) came into force with data breaches potentially now resulting in huge fines.” As such, whilst there is nothing businesses can do to reduce the uncertainty around Brexit within their market, they can make sure they maximise their chances of surviving a breach, or avoid one completely. With technology increasingly making an appearance for companies seeking to comply with the ever-changing regulatory landscape, they will have to work even harder to ensure that their compliance software is safe and compliant with data protection regulation, which could cause a minefield for many companies in a variety of industries over the coming months. Cybersecurity A Growing Risk As Companies Rely On Technology To Overcome Increasing Regulatory Requirements