Healix has published its annual Risk Outlook report, which identifies the five major risks to businesses globally over the next 12 months.
The report identifies economic uncertainty, supply chain constraints, an increase in ransomware, the possibility of another pandemic, and the climate as major risks to businesses in the coming year.
Economic uncertainty and unrest are ranked first. According to the report, the first signs of a global economic recovery have begun to emerge but is not uniform, and the gap between advanced and developing economies is widening. Healix says this is primarily due to vaccine inequity and a lack of financial support. Poorer countries’ growth rates lag behind those in the West, owing to a lack of testing, insufficient medical capacity, and disproportionate death rates.
The second most important factor is supply chain constraints. Consumer demand is on the rise, and suppliers and retailers are struggling to meet it due to a variety of factors ranging from a lack of labour to port backlogs. The political ramifications are significant, with businesses scrambling to fill vacant positions while markets remain sceptical about long-term security. Businesses and consumers are likely to continue to suffer as a result of this well into 2022.
The third factor is the increase in ransomware. Last year, hostile actors took advantage of the opportunities provided by remote working to infiltrate networks. As criminals develop more sophisticated tools for exposing and exploiting network vulnerabilities, cyber-attacks remain a major concern on the risk agenda for 2022.
The fourth risk is the possibility of another pandemic. Before covid-19, many of the pandemic planning exercises focused on an influenza-like respiratory virus. The pandemic has not eliminated the threat but sharpened the focus on how to avoid it. Thus, surveillance systems worldwide will need to be aware of these potential threats to the world order throughout the next 12 months.
The fifth issue is a deteriorating climate. The frequency and intensity of extreme weather, particularly in developed countries is expected to rise in the coming decades due to the escalating effects of climate change.
Healix director of risk management services Chris Job says: “This year, there has been an increase in global travel, particularly for businesses, as face-to-face interactions become preferable following months of virtual meetings. This increase will see familiar risks and challenges re-emerge for organisations in terms of ensuring the health, safety and security of their people and assets, which for the last 18 months have slipped down the agenda.
“As we continue the return to normal, businesses will need to provide more reassurance to their employees and instil confidence that they have the necessary plans and resilience programmes in place to protect their people, assets and operations. Healix’s Risk Outlook report aims to provide businesses with insights into the key risks that could adversely affect them, and in doing so, help them to prepare their business and mitigate consequences where possible.”