UK business leaders identify far fewer risks affecting their businesses, when compared to Germany and France, according to research from the Gowling WLG, suggesting an overly optimistic picture among UK business leaders. UK respondents consistently identified between 2% and 25% less than non-UK respondents for each risk area analysed.
The Digital Risk Calculator revealed that external cyber risks (69%) are thought to be the most concerning category of digital threat for businesses across all countries surveyed. This risk is anticipated to grow even further, with 51% of respondents believing that it will increase within the next three years.
Commenting on the research Helen Davenport, director at Gowling WLG, said: "The recent wide ranging external cyber attacks such as the WannaCry and Petya hacks reinforce the real and immediate threat of cyber crime to all organisations and businesses.
"However, there tends to be an "it won't happen to me" attitude among business leaders, who on one hand anticipate external cyber attacks will increase over the next three years, but on the other fail to identify such areas of risk as a concern for them. This is likely preventing them from preparing suitably for digital threats that they may face."
Other digital risks of concern to participants include customer security (57%), identity theft / cloning (47%) and rogue employees (42%). More than a third of respondents (40%) also believe that the lack of sufficient technical and business knowledge amongst employees is a risk to their business.
Additionally, one third (32%) of UK businesses feel that digital risks related to regulatory issues have increased during the past three years. However, less than a third (29%) believe that regulatory issues are a risk to their business.