A report by the World Economic Forum (WEF) revealed that ‘fiscal crises’ was the leading risk to global businesses.
The report, Regional Risks for Doing Business 2019, surveyed 13,000 business leaders across 130 countries.
Although cyber-attacks was the second highest business risk globally, it was especially a major concern among top business leaders in Germany, France, Italy and the UK.
The report stated how 61% of businesses reported cyber incidents, in comparison to 45% in the previous year.
“The fact that cyber-threats worry the business community as much as they do academia, civil society, governments and other thought leaders shows just how disruptive this risk is to all aspects of life. ” the report wrote.
For businesses within North America, cyber-attacks was also a top risk, followed by data fraud or theft. The report pointed out the recurrent ransomware attacks in the US this year incapacitating multiple municipalities across Florida and Texas.
“At the national level, politicians and high-level government officials have warned that the US is still underprepared to confront major cyber-attacks.”
The high risk of data fraud within North America, could be explained by the increase of attacks on municipalities and businesses, where by threat actors have been able to gain access to personal data and at times hold them ransom.
As society continues to digitize, cyber-attacks becomes more of a risk to both businesses and for victims.
John Drzik, president of global risk and digital at Marsh said: “Cybersecurity remains the most concerning risk to business leaders in advanced economies, and growing technology dependence for many businesses will only amplify this.”
“Combined with fractious geopolitical developments, and growing economic concerns, executives face a very challenging portfolio of potential threats. Business leaders should re-evaluate their underlying view of the global risk environment and make greater efforts to strengthen their corporate agility and resilience.”
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