High taxation is now seen as the number one threat to global business according to the third Lloyd’s Risk Index.
The survey of more than 500 of the world’s most senior business leaders also suggests executives are focusing on more pressing problems including cyber-attacks and increased material costs, rather than longer-term strategic decisions.
First published in 2009, this year’s Risk Index provides an in-depth picture of how global business leaders prioritise and prepare for major risks:
High taxation is identified as the biggest risk faced by business leaders after prolonged public and political exposure and debate. It has soared up the Risk Index ranking from 13th to 1st place in the last two years.
Cyber security now sits squarely towards the top of the agenda for boards around the world with cyber risk moving from 12th to 3rd place in the index. Business leaders have woken up to the importance of cyber security following a series of high profile incidents since 2011.
Loss of customers has slipped to 2nd place, down from the number one risk two years ago as businesses struggle with the continued effects of economic turbulence.