Cyber incidents have once again topped the UK Risk Barometer rankings for the third consecutive year - an unsurprising outcome given the ongoing rise in high-profile cyberattacks, IT system failures, and data breaches. These incidents continue to expose new vulnerabilities across sectors.
Cyber threats are closely linked to growing concerns over business interruption and supply chain disruption. The potential for reputational damage or loss of brand value is particularly acute in today’s digital world, where social media can amplify issues across the globe in a matter of minutes.
Market developments and the rise of new technologies rank fifth and sixth, respectively. Notably, concern over the impact of technology has grown from just 13% of respondents in 2017 to 22% this year. While technological advancement brings opportunity, it also introduces new anxieties—particularly around job security and data privacy.
Natural catastrophes and political risks also feature prominently in this year’s rankings. The increasing frequency of extreme weather events, including storms and floods, combined with climate change concerns, has pushed natural catastrophes back into the UK’s top ten for the first time since 2015.
Political risk and violence remain significant concerns. Terror-related incidents, such as the Manchester Arena bombing and the Westminster vehicle-ramming attack, have highlighted how even businesses not directly targeted can suffer operational and financial disruption due to forced closures and public safety measures.
Additionally, the Grenfell Tower tragedy brought fire safety regulations into sharp focus. An independent review of UK Building Regulations is now underway, with heightened scrutiny on fire prevention measures. Property owners, construction firms, and local authorities face increased pressure to address concerns around cladding materials, escape routes, and the implementation of fire suppression systems like sprinklers.
If you are feeling the effects of the risk barometer, explore our services - we can support your organisation through every issue.
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