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Recession, cyber attacks, second wave keep business leaders awake at night
The economic fallout from COVID-19 is the top concern for world business leaders, with two in three worried about a prolonged global recession, new figures have found.
Recession, cyber attacks, second wave keep business leaders awake at night
The economic fallout from COVID-19 is the top concern for world business leaders, with two in three worried about a prolonged global recession, new figures have found.
Research released by the World Economic Forum has found that one-half of the 350 experts polled identified bankruptcies and industry consolidation, failure of industries to recover and a disruption of supply chains as crucial worries as business leaders try to deal with COVID-19’s impact.
With the accelerated digitisation of the economy in the midst of the pandemic, cyber attacks and data fraud are also major threats, according to one-half of the respondents, while the breakdown of IT infrastructure and networks is also a top concern.
Geopolitical disruptions and tighter restrictions on the movement of people and goods are high on the worry list.
John Doyle, president and CEO of Marsh, said: “Even before the COVID-19 crisis, organisations were faced with a highly complex and interconnected global risk landscape.
“From cyber threats to supply chains, as well as the wellbeing of their colleagues, businesses will now rethink many of the structures they formerly relied on.”
However, the CEO noted that the private sector can use the pandemic to create a more resilient future to economic downturns.
“To create the conditions for a speedier recovery and a more resilient future, governments and the private sector need to work together more effectively,” Mr Doyle said.
“Along with major investments to improve health systems, infrastructure and technology, one of the outcomes of this crisis has to be that societies become more resilient and capable of withstanding future pandemics and other major shocks.”
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