Cyber attacks on companies are increasing every year in the electronic world, as a result of which security becomes a constant risk for management. This is highlighted in the sixth edition of the Risk in Focus 2022 report. It examines the main risks faced by companies in Europe.

Cybersecurity tops the ranking of priority risks in companies for the fourth year in a row. At the same time, 4 out of 10 respondents indicated this as risk No. 1. To prevent cyber attacks, companies must analyze weaknesses, strengthen systems, and increase employee awareness of cybersecurity, since people are known to be the weakest link in the security chain.

In organizations with more advanced cybersecurity systems, the focus is on the response and procedures for finding information after a cyberattack and how to act after a ransomware-type attack (capturing information in exchange for ransom). Less mature companies are at an earlier stage of risk assessment and the launch of protective control.

Regulatory activity on sustainability and ASG risks (environmental, social and managerial) leads to the fact that changes in regulation and compliance occupy the second place on the risk map. Global ASG regulations are estimated to have grown by 90% since 2016 and are expected to remain so.

Digitalization and new technologies remain in third place. The pandemic has accelerated digital transformation and this can lead to a loss of control over key elements, increasing the risks of data security and confidentiality.

A notable novelty of the Risk in Focus 2022 report is the increased attention to the risks associated with people. Diversity and talent management moves from 5th to 4th place; corporate culture rises three places, taking 10th place in the list, and employee health and safety moves from 14th to 12th place. These data indicate the concern of European companies about the impact of remote work on the number of staff, cohesion and turnover, as well as the impact of this combination of factors on corporate culture and on their own physical and mental well-being and health of employees.

Climate plays a major role in the greatest escalation: two years ago it was the 13th, and today it is the 8th.