PRIA’s endorsed insurance broker, Gallagher, has released a new report outlining how inadequate corporate governance and enhanced regulatory scrutiny are contributing to the erosion of public trust in national institutions.
Entitled Trust & Data: Into the Breach, the report also outlines how Australia’s transition to a low-trust environment is impacting the cost of insurance premiums across a range of sectors, and as such may be of relevance to PRIA members who advise mid-market and corporate organisations.
The report cites the Royal Commission, ‘fake news’, high-profile sporting scandals and the #metoo movement as factors contributing to falling levels of consumer confidence, with brands found to breach customer trust facing serious ramifications.
Key insights from the report include:
“Protecting brands and reputation in a data-driven world places the onus on boards to take proactive measures to safeguard customer data and preserve consumer confidence,” said Gallagher Association Relationships Manager John Apter.
“Trust is the currency of all commercial relationships, and once broken it is not easily fixed. Minimising the risk of trust and data breaches is now a boardroom imperative, and that’s where PR professionals can play an important role in advising their clients on the right courses of action to avoid potential financial and reputational damage.”
The report is available as an interactive web publication and an abridged PDF and can be accessed via info.ajg.com.au/q2-18market overview.
Gallagher offers an exclusive, discounted professional indemnity and public liability insurance scheme to PRIA members. Find out more at info.ajg.com.au/pria.