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27 Dec 2017

Cyberattacks and “the personalised and assertive style of national leaders,” are two of the biggest risks facing businesses in 2018, it has been revealed by a global firm.

Control Risks, a specialist global risk consultancy, has unveiled its RiskMap 2018 which found that large scale cyberattacks, particularly those aimed against infrastructure, could again be a big risk to businesses following 2017’s major incidents.

Richard Fenning, CEO at Control Risks, said that while there are many positives for businesses and policymakers heading into 2018, risks remain.

“Despite the most positive economic outlook since the end of the financial crisis, we are entering a year of geo-political fragility that has the potential to trigger shockwaves to global stability and business confidence,” Fenning said.

“With the threat of the next world order being imposed, not agreed, global dynamics and perceptions of risk are being shaped by a more robust, personalised and unpredictable style of political leadership in many parts of the world, making business planning very difficult. Trying to understand the motivations of global leaders and the potential impact of their actions will be critical to making the right strategic business decisions.”

The report notes that the rapid rise of digitalisation, alongside the “mushrooming” of social media in commerce, is giving regulators and governments reason for pause as cyber risk continues to escalate.

“Despite these challenges, technology and digitalisation continue to grow,” Nicolas Reys, associate director of Control Risks states in the report. “As that growth accelerates, it may derail efforts by governments to fragment the digital landscape. Until they do so, businesses must keep cool heads.

“Compliance is important, but so too is the resilience and security of their organisations. One should not distract from the others.”

Escalations in North Korea, alongside US protectionism, were also listed, in addition to regional rivalries in the Middle East.

 

 - Insurance Business

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