Technology, financial concerns top risk surveys
A new series of studies show that Americans are acutely aware that the world is becoming riskier, and that companies need to be more vigilant in dealing with these risks in advance.
September 23, 2013 at 07:36 AM
3 minute read
The original version of this story was published on Law.com
A new series of studies from the likes of Travelers, Coalfire, Accenture, PwC and others, show that Americans are acutely aware that the world is becoming riskier, which, in turn, means that companies need to be more vigilant in dealing with risks in advance.
Technology concerns were cited in several of the studies. The “bring your own device” (BYOD) trend is one that is fraught with risks. A recent survey by GFI shows that over 95 percent of U.S. office workers used public, non-secure Wi-Fi with their tablets or smartphones, accessing sensitive work documents or servers.
A similar study by Coalfire underscored the lax stance that many workers take toward device security. The study showed that almost half of users failed to password-protect their devices, and nearly one third used the same password over and over again. The same study found that IT departments did not always do their part to help, as 47 percent of respondents stated that IT failed to discuss mobile security best practices with them.
Other recent studies show an increased concern about risk in multiple areas. A survey conducted by Travelers found that 63 percent of consumers felt that the business world is riskier than ever and – based on a study conducted by Accenture – 62 percent of companies expect legal risks to rise in the next two years.
Financial risk is high on the list of concerns for Americans, as 68 percent of respondents from The Travelers study cited it as an issue. This echoes the findings of the Financial Accounting Standards Board survey, which found that respondents were concerned about disclosure, accounting, hedging and conceptual frameworks, among other financial concerns.
And these concerns are found across the board. As the authors of the Travelers study put it, “Levels of concern are consistent across geographical regions when it comes to many forms of risk, including financial concerns.”
In addition to technology and financial matters, regulatory concerns in the healthcare sector are also top-of-mind, as is corruption in the defense sector.
These surveys, taken as a whole, indicate that companies are aware that the business world is becoming riskier, and that these risks are more varied and complex than ever, and that businesses need to take the time and effort to consider these risks in advance, designing training and compliance strategy to minimize these risks.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllGOP Now Holds FTC Gavel, but Dems Signal They'll Be a Rowdy Minority
6 minute readTrump's Inspectors General Purge Could Make Policy Changes Easier, Observers Say
Keys to Maximizing Efficiency (and Vibes) When Navigating International Trade Compliance Crosschecks
6 minute readCrypto Industry Eyes Legislation to Clarify Regulatory Framework
Trending Stories
- 1Public Notices/Calendars
- 2Wednesday Newspaper
- 3Decision of the Day: Qui Tam Relators Do Not Plausibly Claim Firm Avoided Tax Obligations Through Visa Applications, Circuit Finds
- 4Judicial Ethics Opinion 24-116
- 5Big Law Firms Sheppard Mullin, Morgan Lewis and Baker Botts Add Partners in Houston
Who Got The Work
J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
Who Got The Work
Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
Who Got The Work
Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
Who Got The Work
Crown Castle International, a Pennsylvania company providing shared communications infrastructure, has turned to Luke D. Wolf of Gordon Rees Scully Mansukhani to fend off a pending breach-of-contract lawsuit. The court action, filed Nov. 25 in Michigan Eastern District Court by Hooper Hathaway PC on behalf of The Town Residences LLC, accuses Crown Castle of failing to transfer approximately $30,000 in utility payments from T-Mobile in breach of a roof-top lease and assignment agreement. The case, assigned to U.S. District Judge Susan K. Declercq, is 2:24-cv-13131, The Town Residences LLC v. T-Mobile US, Inc. et al.
Who Got The Work
Wilfred P. Coronato and Daniel M. Schwartz of McCarter & English have stepped in as defense counsel to Electrolux Home Products Inc. in a pending product liability lawsuit. The court action, filed Nov. 26 in New York Eastern District Court by Poulos Lopiccolo PC and Nagel Rice LLP on behalf of David Stern, alleges that the defendant's refrigerators’ drawers and shelving repeatedly break and fall apart within months after purchase. The case, assigned to U.S. District Judge Joan M. Azrack, is 2:24-cv-08204, Stern v. Electrolux Home Products, Inc.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250