Lloyd’s warns about impact of coronavirus on intangible assets

Since the COVID-19 pandemic amplifies the usage of electronic business models, Lloyd’s has voiced concern that intangible assets could develop into a significant blind spot for companies not devoting them in their hazard models.

Lloyd’s most up-to-date report, published in cooperation with KPMG, urges companies to concentrate on the new threat landscape that’s developed amid the outbreak and prepares the business to safeguard intangible assets.

“As a business, we will need to recognise that the world has shifted and adapted to the way it appears today. COVID-19 has altered the threat landscape, exposing businesses to new dangers and encouraging organizations to consider how they currently function,” explained Dr Trevor Maynard, the head of innovation at Lloyd’s.

KMPG spouse Paul Merrey said several organizations are still not well prepared to take care of the new danger landscape which has developed in the pandemic.

“While physical resources continue to be a focus, comprehension of what intangible resources are and just how much they signify a business’s value can come as a tricky awakening for a number of associations,” he explained.

“Organizations across all businesses have to be proactive in discovering new approaches to better their business methods to safeguard those resources, which will need a new method of acting and thinking.”

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