Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • November 2018
11

Cyber attacks ranked the number one risk facing advanced economies

Open-access content Monday 12th November 2018 — updated 5.50pm, Wednesday 29th April 2020

Cyber attacks are the greatest threat facing businesses in Europe, North America, East Asia and the Pacific, a worldwide survey of over 12,000 executives has found.

2


The finding marks a sharp rise in concerns around technological risks, with cyber attacks only ranked the top threat in two regions last year, and just one in 2016.

Failure of national governance is rated the top risk by firms in Latin America and South Asia, while energy price shocks are most concerning in Eurasia, the Middle East and North Africa.

The research from the World Economic Forum (WEF) also shows that unemployment is perceived as the top threat facing companies in sub-Saharan Africa.

"Cyber attacks are seen as the number one risk in markets that account for 50% of global GDP," said Lori Bailey, member of the WEF's Global Future Council on Cybersecurity.

"This strongly suggests governments and businesses need to strengthen cyber security and resilience in order to maintain confidence in a highly connected digital economy."

A potential asset bubble was cited as the second biggest risk by European firms, followed by national governance, failure of financial mechanism or institution, and unemployment.

Data fraud or theft is believed to be the second largest threat facing businesses in North America, with extreme weather events, fiscal crises and energy price shocks completing the top five.

Similarly, unemployment or underemployment, an asset bubble, energy price shocks and data fraud are seen as the top threats in East Asia and the Pacific.

Profound social instability and state collapse are notable risks facing Latin American businesses, while unmanageable inflation and regional governance failures concern South Asian firms.

Failure of critical infrastructure is a top threat in sub-Saharan Africa, interstate conflict and social instability worry firms in Eurasia, while terrorist attacks are a major concern in the Middle East.

"Understanding the evolving risks in different regions is top of mind for business leaders," WEF executive committee member, Mirek Dusek, said. "Given the current geopolitical uncertainty, cooperation within and among regions is of critical importance." 

Sign up to our free newsletter here and receive a weekly roundup of news concerning the actuarial profession


This article appeared in our November 2018 issue of The Actuary.
Click here to view this issue
Filed in:
11

You might also like...

Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Senior Underwriting Risk Manager

London (Central)
£85K-£95K + Benefits
Reference
124386

Reserving Manager (Contract)

London (Central)
£1200 - £1400 per day
Reference
124385

Life Actuary - Contract - IFRS 17 Financial Impact

England, London / England, Bristol / North Yorkshire, England
£900 - £1150 per day
Reference
124384
See all jobs »
 
 

Today's top reads

 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2022 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ