The next major cyber threat isn’t in the healthcare industry. It isn’t banking, either, thanks in part to both of those industries’ strict regulations. Manufacturing is undergoing a transformation that will increase risk in that industry, so is that the next major area at risk of cyber threats?

In the past few years activists have broadened their horizons, targeting even small and mid cap companies. Institutional investors are supporting activists more and more, and if you didn’t already have enough keeping you up at night, there are two new trends in this ever evolving landscape that put your company at risk.

Although it’s rare, boards and corporate leaders should prepare for potential challenges from hedge fund activists targeting environmental, social and governance (ESG) issues. Here’s how.

Last year was a good year to be an activist; not so much to be a company on the receiving end of a campaign. The wave of shareholder activism last year had corporate leaders on edge.

Companies and boards should consider a public outrage as a potential risk to their reputation and operations, and prepare a crisis management response playbook.

“There is only one god, and His name is Death. And there is only one thing we say to Death: ‘not today’.” If only it were that easy for reporting companies to reply to the SEC on regulations. Imagine Bezos to Clayton: “Not today.” Because company leaders don’t have the Game of Thrones option, the best option out there is to watch out, read up, and prepare for the biggest regulatory issues and how they might impact your organization.

The very technology that helped the oil and gas industry gain efficiency is now creating additional risks. The Internet of Things, IoT, which refers to the growing inter-connectedness of devices, has helped the oil and gas industry to monitor its operations. But with so many connected devices, cyber thieves have greater access to hack into a company’s system undetected and wreak havoc, financially, reputationally, and operationally.

Another proxy season is underway—leaders beware. Although the usual concerns of corporate governance, executive compensation and regulatory disclosures abound, new, specific worries sit under each of those umbrellas. Under compensation, one proxy advisory firm has a new way to evaluate compensation metrics. Within the disclosure realm, the optics of pay ratio disclosure will continue to create flashy headlines in 2019. Approach with caution.

Proxy season is often a showcase of the haves and have nots in the governance realm, with cards stacked mostly in corporations’ favor. Meet the universal proxy ballot, an idea that would level the proxy playing field. Although it’s currently a fledgling idea, watch for this cause to gain momentum.