A recent survey by the World Economic Forum has shown that unemployment and the spread of infectious diseases are the top two risks for global business leaders in 2020.
According to the survey, unemployment moved from third place globally last year to become the number one risk facing business leaders, as fiscal crises and cyberattacks moved into third and fourth place.
The survey, which asked over 12,000 business leaders to select their top risks from a list of 30, was conducted between January and July.
The survey’s findings were presented as a regional risk map in partnership with Marsh, Zurich Insurance and SK Group.
WEF said the top risks were mainly economy-related but noted that climate-related risks had also risen up the chart.
John Doyle, President of Marsh, said, “The COVID-19 crisis has shone a spotlight on organisational resilience. As firms look to the future, they are matching their risk and resilience arrangements with a threat landscape marked by significant customer and workforce behavioural shifts.”
He added that businesses would rely more on digital infrastructures that will increase cyber risk exposures.
“To optimise recovery, organisations will need to build greater preparedness into their business models in order to be more resilient in the face of future disruptions,” Doyle said.
“Tackling the intersecting risks of the pandemic, financial risks, and climate change will be a cornerstone of the desired new normal,” said Lee Hyung Hee, President of SK Group’s social value committee.
