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Lawsuits and identity theft keeping CEOs up at night

Global Administrator

Third party lawsuits and identity theft are the largest areas of concern for CEOs, according to a survey of more than 200 executives, a survey commissioned by Chartis Private Client Group found.

Chartis commissioned Chief Executive Group to survey a group of CEOs to measure their risk preparedness.

Being sued by a third party was a high or very high area of concern for 27% of respondents.

Identity theft received the same response from 57% of respondents.

The survey also found that while significant majorities of CEOs were confident in the levels of insurance coverage obtained for automobiles (95%) and homes (97.5%), only 52.2% were confident that their companies provided them adequate Directors & Officers (D&O) insurance liability coverage to protect them.

A whopping 41% of those surveyed said they weren't sure if the boards on which they serve even have adequate insurance coverage for them.

Survey results also indicate that while most CEOs surveyed were aware of risks to "hard" assets, many were not aware of the extent of the personal liabilities they face as highly visible and frequently targeted individuals.

"Most CEOs have worked extremely hard for many years, putting enormous effort and energy into building the value of their businesses and accumulating a material level of wealth," says Wayne Cooper, who oversaw the research.

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