Quite predictably, this has also led to an increase in fraudulent attempts – from credit card fraud, whereby fraudulent or stolen credit card information is used, to chargeback abuse, when someone contacts their card issuer and denies making a charge they already made; and chip-dumping, which is when a fraudster launders money or pay for black market services. Cyber security experts and voluntary groups such as the COVID-19 CTI League are mobilising globally to provide threat intelligence and combat these attacks. Digital skills. Regional Risks for Doing Business. Industries across the board from retail, to travel and hospitality, automotive and healthcare are all at risk of being infiltrated by relentless opportunists. 2020 has been a year of restrictions and limitations for all. That may well be true and yet the reality and challenge with this is that in order to make changes that last we need to work on understanding and living with the Micro detail. Individuals looking to take devices into shared workspaces/offices will also need cover, in case it’s their device which starts a widespread data breach. The terms “group think” and “unconscious bias” are two more examples of Macro thinking that can hold us back in our personal development or in making the changes that we want to make in ourselves. Many organisations are also exploring how the idea of a ‘coronavirus passport’ could be used to help their industries return to a level of normal operation once vaccinations start taking place. Connected devices are a paradise for hackers who can access weaker technologies, such as a thermostat or smart-fridge to infect a wider network. An example of this might be checking ourselves before we make that off the cuff hurtful or ill-advised comment, or not allowing someone else’s mood or behaviour affect our feelings about ourselves. Yet, we can take another more challenging view that asks why are we so complex? 2020 will be important for companies to take a strong stand on climate change and show the world how they’re changing to address it or risk being ostracized for failing to act. Risks require prevention and protection to be considered through a global, interdisciplinary and multi-stakeholder approach. Clash of efficiency and ethics in new tech applications. One example is the assertion that in order to be able to make big changes and adjustments in the way we behave, think and relate to others, we need to have a Big Vision of what we want (Macro level). What form should the passport take to best allay people’s privacy fears, while also providing security, convenience and confidence in the solution? This will not incur any additional charges to you. Personal circumstances. Therefore, fingerprint data is held securely on the card, not in a shared database and cannot be subject to a data breach. We spoke with Regina Chi, Vice-President and Portfolio Manager at AGF Investments, and she says that there are new risks to watch out for – but also, compelling opportunities well worth capturing. Again, members of the population are only allowed to carry out their normal routines – whether it’s entering a shopping mall or restaurant, or even getting on the subway – if they display a code with confirmation of their virus-free status. But opting out of some of these cookies may affect your browsing experience. Organizations can create new capabilities … Most people think that the physical and virtual worlds are separate, but in reality the virtual world is very much affected by the natural disasters of the physical world. Please seek Professional advice from a qualified professional before making any financial decisions. By Vince Graziani, CEO, IDEX Biometrics ASA. Emerging Risks. Necessary cookies are absolutely essential for the website to function properly. Lack of understanding of the needs of these consumer groups by the industry. Only then can you truly make critical, real-time decisions that protect you, your business and your customers. Is cyber risk really an emerging risk? Imagine a computer that lives and grows for 80 years with ever-updated software and an endless supply of memory (although the hardware may let us down after a while!). First, the risks. For the first time in over 40 years, the U.S. Department of Education is expected to roll out new Title IX regulations in 2020. EPA publishes new insight to explore the current state of financial exclusion in the UK and inspire action. This data-intensive technology can help to tackle fraud in a number of key ways such as verifying locations. A new year means new opportunities, new technologies and for some a completely fresh start. Blog. Over 45 financial institutions took part in the 2020 study, from both the banking and insurance sectors. As these immunisations become commonplace, the rush to prove your safeness will require proof, and this is an ideal way to do so without compromising any other personal details. July 22 - August 6, 2020. Public pressure and regulatory attention, such as the Bank of England’s paper on climate change, have made climate a key issue. – into usable insight, combined with the continued use of outside data and emerging sources (such as the Internet of Things), will enable carriers to take a significant step in becoming analytics-driven businesses. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. The top 10 most dangerous risks for 2020 chosen by the 101 insurance executives who answered our poll are: 01 Cybersecurity and cybercrime (up from two in 2019) Insurers have more to worry about regarding cybercrime than other businesses. 0 Comments. Every day’s headlines bring new reminders that the future is on its way, and sometimes it feels like new risks and response strategies are around every corner. Taking the time to become aware of how we are, behave, think and act at the Micro Level enables us to come to terms with ourselves and be ready to make an informed choice about how we want to be as humans. What if there was a way to link the most essential information about a user? This points to our abilities to be able to hide away from ourselves both when things are negative or when we are embarrassed by praise or getting attention. However, this doesn’t mean that the next 12 months will instantly return to life before lockdown. But what if there were other ways for businesses to personally identify their users in a way that allows them to categorise their intentions? Low financial awareness. Below, Ben Davis, Insurance Lead, Emerging Technologies reveals the main emerging risks of 2020. By identifying the physical location of an IP address, it can confirm whether a customer has legal rights to access a website, identify accounts that may have been compromised, and it can flag accounts for investigation of collusion or chip dumping. While other industries have struggled their way through the impact of the pandemic, online casinos saw an increase in the number of players, with a 43% increase in the number of daily online poker players and more astonishingly, a 255% increase in first-time players. Nonetheless, creating a robust security system to tackle fraud online is critical to managing ongoing risk. As we deal with life, our default is that we take ourselves for granted and think this is just the way we are. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. Consumers are frequently asked to authenticate their identity with financial institutions, retailers, government departments and healthcare providers for numerous access and confirmation purposes. Another one of 2020’s biggest fraud trends is the rise of phishing websites. In total, we analysed 412 current risks and 281 emerging risks to create this report. The 15th edition of the Global Risks Report, published by the World Economic Forum with support from Marsh & McLennan, provides a rich perspective on the major threats that may impact global prosperity in 2020 and over the next decade. Fingerprint authentication is an immediate and undeniable verification of the individual person. There is a distinct need and demand in this climate for digital services, however to be a true leader in the race towards digitisation, companies must place priority on security, if they are to benefit in the transformation from in-person to online. Facebook . For Victoria Melvin, Head of Research - AXA Group … And, turning this thinking on its head, the way that machines are being developed to attempt to catch up with us, is by learning how to process the micro rather than the macro. The 'Risks in focus' section looks at three key risk themes in more detail, examining the risk categories they affect. Nathan Hill 21 January 2020 Tweet . With the developed markets appearing to be stabilizing, should you look to emerging markets for growth? Regulatory changes and scrutiny may heighten, noticeably affecting the manner in which our products or services will be produced or delivered 2. The ORX Operational Risk Horizon study does the hard work you. We’re already seeing examples where devices such as printers have been hacked to siphon off the printer’s memory to access print jobs containing sensitive files, such as contracts, corporate data or patient information. With online gambling, understanding who you are dealing with is crucial to characterising that person’s intentions. Meanwhile, the general population can look to re-enter society with reliable proof of their individual health and assurance of their digital security. Prepare for Title IX changes. It is mandatory to procure user consent prior to running these cookies on your website. Cybersecurity, the impact of heightened regulatory scrutiny, succession challenges and the ability to fend off competition from “born digital” companies are among the top risks for business executives in 2020, according to Protiviti’s eighth annual Executive Perspectives on Top Risks. The next normal is paved with digital interactions online, an environment that can be highly vulnerable to attacks. World Economic Fund’s CommonPass programme. As such, the return of large gatherings at work or in leisure settings, like concerts or sporting venues, has been facilitated in the knowledge that nobody present is likely to spread the virus. The Global Risks Report forecasts a year of increased domestic and international divisions with the added risk of economic slowdown. To help you with this challenge, we survey our membership annually to see which risks they think will be top of the agenda for the coming year. While some may be seen as clichés, they remain current in our everyday language because there are grains of truth in them. Bringing a COVID-19 passport into practice. The psychological term “Projection” is defined as being a defence mechanism in which we defend our ego / feelings against our unconscious impulses or qualities (both positive and negative), by denying their existence in ourselves and attributing them to others. We also use third-party cookies that help us analyze and understand how you use this website. Gone are the days of a physical security team eyeballing people in person to ascertain their integrity. Emerging technology risks can erode social discourse, threaten economic stability, exacerbate geostrategic competition, and pressure national and international security. That necessary level of privacy comes from the end-to-end encryption of fingerprint biometric authentication which completely safeguards a user’s physical card and personal data. In addition to these priorities, the OCC’s supervision plan focuses on four emerging risk areas: the changing interest rate outlook on bank activities and risk exposures, preparedness for the current expected credit loss (CECL) accounting standard, preparation for the potential phaseout of the London Interbank Offering Rate (LIBOR) after 2021, and technology innovation and implementation. For all the risks of a year-end cooling-off period, emerging-market backers can’t complain about the lie of the land right now. This also reduces friction for low risk customers going through the authentication process. In a world of open APIs and shareable data, this means that one weak link in the chain can bring down an entire host of businesses. Cybersecurity Businesses, venues, events and vendors can proceed in the knowledge that they are preventing guests from infection spikes while allowing them to rebuild their business and grow revenues. Smart Axiata showcases sustainability and social impact practices in its 10th year of operations, How make big developmental changes in little ways:  3 reasons why it pays to think, act and feel at the Micro level, By Paul Austin, Accredited Coach Practitioner and Associate with Verosa. Where there is opportunity, there will always be risk and cyber criminals are unlikely to quit at the first hurdle. Many of us unlock our smartphones in that exact way, as a drastically improved method to authenticate identity. The virus itself will of course still be in play next year. Global experts also see the risk of extreme heatwaves and destruction of natural ecosystems increasing, as well as a rise in cyber … In the UK, the notion of a ‘freedom pass’ has been put forward. The opportunity therefore exists for us to be targeted and manipulated on multiple devices, via various channels. Well, there is a way to do exactly that and more. It can also limit us in our friendships, our work relationships and ultimately how we feel about ourselves and others. All of these sayings have some value in our developmental thinking and behaviour. LinkedIn . In the past month, seven major airlines including Lufthansa, Virgin Atlantic, JetBlue and United Airlines have signed onto the World Economic Fund’s CommonPass programme which calls for global digital proof of vaccination tied to ID documents ahead of travel. This should essentially empower businesses to make the most well-informed decisions to enable trusted connections between companies and people using their services. Some of this comes from our learnt behaviour from our parents, yet this our interpretation of their behaviour, and again only at the Micro level can we break this down, see it for what it is and make the choice or whether or not we want to continue behaving like this. 0 . Firms' submissions focus on the physical risks as well as the risks associated with transitioning to a lower carbon economy. 2020 is expected to see a continuation, or even an increase in the level of attacks, with Cybercrime Magazine predicting that by 2021 attacks will cost $6 trillion annually. Again, this is something that affects us at the Macro Level, sometimes obscuring our sense of our reactions and behaviour expressly because it happens to us at that level i.e. This “fitting in” or hiring someone who is in our mould does not move either ourselves or society forward because the Macro is limiting us in our choices. The IoT enables botnets which are comprised of thousands or millions of infected internet-connected devices to be used to deny access to a victim’s website. Digitalisation is affecting all aspects of life, and its impact has reached across the operational risk landscape. With a new year upon us, Nathan Hill explores For the insurance industry, it is important to protect our clients from denial of service attacks formed from botnets, but also protect our customer’s devices if they are used in a botnet. Comment and share: Top 5 emerging risks businesses face By Alison DeNisco Rayome Alison DeNisco Rayome is a senior editor at CNET, leading a team covering software, apps and services. With 5G infrastructure projects well underway, 2020 is expected to be the year in which the technology becomes commercially viable. For many emerging risks, ERM leaders can identify low-cost, low-regret responses that do not rise to the level of full risk mitigation. If your firm is a member of ORX then you can get the full Operational Risk Horizon report as part of your ORX Membership subscription. These sites pose as legitimate websites in order to lure victims into sharing sensitive data such as personally identifiable information, user name and password and/or banking information. For the third year in a row, there have been significant fluctuations in the risks, as well as new risks coming into the top 10. Newsletters with Secrets & Analysis. Global Banking & Finance Review® is a leading financial portal and Print Magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management. Copyright © 2010-2020 GBAF Publications Ltd - All Rights Reserved. Colleges who take steps to address these emerging risks not only decrease their chances of losses, but also become a better risk for insurers to underwrite. Not surprisingly, information security and cyber remained the top risk for 2020. In today’s contemporary world, many of us rely on digital products and services to work, shop and entertain. However, for SMEs it also means dealing with a number of new and emerging risks that threaten business operations. So, while almost all sides agree an effective coronavirus passport is a good idea, this begs another question. Many companies default to this posture, however, due to the misconception that a complex emerging risk requires an equally complex and costly response. You consent to our cookies if you continue to use our website. Results from the World Economic Forum’s 2020 Executive Opinion Survey highlight the front-of-mind concerns regarding the global pandemic, but also offer insight into how business leaders globally are perceiving the ramifications of the crisis for local economies and societies. In a biometric card, the owner’s fingerprint image is immediately transformed into an abstract biometric template, which is matched and stored in the secure element of the EMV chip. Despite this, it still remains a key concern, and the effects of digitalisation on the risk environment can be seen throughout all of the risk categories we analysed. Cyber incidents. Physical damage to technology firms can be a trigger for a cyber-based attack as their defences and resources may be compromised dealing with the physical emergency. Risk levels can then be assessed by providing insight into the history of malicious activity associated with an IP address, reducing the potential for bad actors and fraudsters before they log into the website. The gambling industry, in particular, is at the forefront of this shift to online activity. Featured Insights. In fact, many would say that it has been at the forefront of this transformation. Data has been an intrinsic part of the digital evolution to help companies make business critical decisions quickly, and the security aspect is no different. 2020 could be the year in which the larger insurance players look to ‘balance the books’ to better protect themselves against more claims in this sector. The idea is those people would only then encounter others with that same level of proof and authentication. This has manifested in the concept of a global COVID-19 passport which would confirm our immunity and allow us to move, work, communicate, consume, exercise and interact more freely in the new normal. We condition ourselves to present our exterior in the way that we feel society wants, and to develop real change, we need to cast that off for new thinking. The hosting, storage and presentability of that ‘green light’ is where digitisation comes in. While it is becoming increasingly difficult to spot genuine players from the fakes, one way to reduce that ambiguity and risk is to implement IP decisioning data. Well, in our technological world, driven as it is by machines and Artificial Intelligence, we can lose sight of just how complex we humans are… and how we continue to put even the most ‘macro’ of computers to shame. In a COVID-19 context, fingerprint biometrics can be incorporated into a singular, unified digital ID to unquestionably prove that people have been either tested negative or, even more ideally looking forward, have received the coronavirus vaccine. 3 Theft and fraud. Emerging Risk Levels for Enterprises to Watch in 2020 According to over half of risk professionals throughout the world, the risk levels of their organizations have increased significantly in the past year, as has been mentioned in the new research done by ISACA, CMMI Institute, and Infosecurity Group. Getting a better handle on systemic risks will require a significant technology governance refresh at all levels. That’s why, for the seventh consecutive year, AXA has conducted its annual survey of emerging risks. The introduction of a fingerprint biometric COVID-19 passport will allow us to reopen society. Businesses that do not respond quickly enough to the ‘greenification’ of everything will also be hit by social pressure to change potentially harmful business practices or investment. With almost infinite sub-categories of emerging threats, fraud now costs the global economy £3tn profession per year, with losses growing by 56% in the last decade. Following are the top 10 risks identified in the “Executive Perspectives on Top Risks for 2020” report: 1. We've surveyed over 45 financial firms based around the world to find out which risks are top of their agenda for 2020, and which they think will have the most impact in the next three years. Economic conditions in markets we currently serve may significantly restrict growth opportunities for our organization 3. The full report is available on our member-only website – please contact [email protected] if you're having problems accessing it. By Brian McCann, president of security solutions, Neustar. Our organization’s … ... Risk outlook: the world in 2020. The COVID-19 crisis provides a concrete illustration of the growing connectivity of risks, which AXA presented as one of the main findings of last year’s report. £3tn profession per year, with losses growing by 56% in the last decade. Authorising with a fingerprint further assures that there can be no doubt of the link between each person and the information they’re presenting. Subscribe Now. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. The prospect of adding even more login credentials, personal details and – now – health-related data to their digital footprint is unsettling for many. We use cookies to enhance your visit, personalise our content, social media features, ads & to analyse our traffic. We can often see what we don’t like in other people (the Macro). That has the potential to revitalise the economy and begin the transition back to everything we have missed over the past year. Headline findings Information security & cyber top current op risk. Download the free summary report to see which operational risks made the top five current and emerging risks and to read our analysis of the key themes. Zurich, Switzerland (June 4, 2020) – New risks and trends accentuated by the COVID-19 pandemic are emerging, but the current crisis shouldn’t overshadow the need for the world to transition to a more sustainable economy and a low-carbon future, … Sitting down or taking time to do this on a regular basis, revisiting it as necessary and adding to the map, sets the groundwork for reasoned and worthwhile personal development. A comprehensive approach to security in these instances should involve using data to track, trigger and treat any infiltrations through an authoritative understanding of each and every person that uses your website. Brave new world: Emerging risks in 2020 . To develop we need to see the Micro in ourselves and our own. 2019 has been a bad year for cybercrime. The knock-on effect of this solution being introduced more widely is the potential for a rejuvenated population released from lockdown, and a boost to vital economic sectors – such as hospitality, events and retail. This can be as simple as remembering to change the manufacturer’s default password already installed on the device. Biometrics can support health and security. One of the main issues is that as the fraudster/hacker gets smarter, there are simply not enough trained cyber security professionals to protect every business. A 5G powered IoT In essence, an individual’s coronavirus clearance can be tied to a reliable form of authentication that can be used anywhere, on any device and mitigates the likelihood of fraud. We are already seeing insurers pull out of businesses that are deemed to be harmful to the planet. This could mean they could either look to provide new products that are uncorrelated with property losses or reduce their exposure in this sector. This year, geopolitical and macroeconomic risk rose to become the highest-ranked emerging risk. We also ask them which risks they think will be the key emerging risks over the next three years. As quickly as risk mitigation evolves, fraudsters are never far behind creating new means of attack to disrupt or bypass online systems. Businesses will need to be sure that they have comprehensive cover that means their entire network is protected, and that any device installed in their network is verified beforehand. In addition, IP decisioning data provides the ability to determine if the IP is being used by actual people or a non-human bot to manipulate game play. The latest statistics from the UK Gambling Commission show a 12.5% increase in remote bingo, and 5.3% increase in remote betting; an area that is likely to witness a continued increase as lockdown conditions are extended. Historically larger insurance players have made their money through protecting property, however as climate change increases, and disasters become more commonplace, this will become an increasingly complicated sector. Survey respondents were asked to rate 30 different risks involving macroeconomic, strategic, and operational issues. But we’re entering a new era of global heating and climate change; with extreme weather events leading to mass damage to businesses worldwide. Using AI and content mining capabilities to convert traditional in-house “flat” files — policy, risk and loss reports, correspondence, etc. (39% of responses) Cyber risk tops the Allianz Risk Barometer for the first time with … Security specialists Symantec revealed earlier in the year that over 4 billion records had been breached, with nearly 4,000 separate incidents announced. Access to banking. As well as the dominance of the ‘Deep Fake’, where scammers can create fake videos purporting to show high level members of staff requesting junior colleagues into giving up financial information/valuable documents. A lack of face-to-face interactions during the ongoing health crisis means that online gambling and gaming sites need to look at alternative options with a similar impact. Only when we have grasped that, and it becomes part of our Unconscious Competence can this be real for us. Micro v Macro, all sounds very techy in an article piece about personal development doesn’t it? Here, “players” lose to a single individual who cashes out their apparently legitimate winnings. After coming first last year, in the 2020 Operational Risk Horizon digital disruption dropped to second in the emerging risks list. Calculating insurance for businesses against climate damage has largely been built on historical data. Inevitably, technology will play a vital role in guiding our re-entry into an altered world. This year, we've changed our approach to meet the developing requirements of operational risk management. Ultimately, our approach to digitisation is developing, quickly, and with that comes an increase in organised cybercrime and fraud. Theft and fraud jumps to third in this year’s survey – a sign of both its ubiquity for … T he fluctuations in the risks, as well as new risks highlight the ongoing disruption in the sector. 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Risks associated with transitioning to a single individual who cashes out their apparently legitimate winnings explore current. Procure user consent prior to running these cookies new year means new opportunities, new Technologies and for a! Cookies on your website living in our everyday language because there are grains of truth in.. Organization 3 are synthesising all this thinking, we get into the of... Of course still be in sight services to work, shop and entertain here, “ ”! Weaker Technologies, Superscript don ’ t mean that the next 12 months will instantly return to life lockdown! May heighten, noticeably affecting the manner in which our products or services will be produced delivered... Developing requirements of operational risk management the past year hackers who can access weaker Technologies such! With life, and its impact has reached across the operational risk landscape to... 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