UK business leaders identify cybersecurity as the paramount threat.
- 85% of companies experienced a crisis in the past year.
- Only 36% feel adequately prepared for ransomware attacks.
- Social and personnel issues also emerged as significant challenges.
- Generational differences highlight varying concerns over divisive issues.
In a broad survey encompassing over 500 senior leaders from various sectors, including prominent companies such as EY and JD Sports, cybersecurity emerged as the top concern among threats facing UK businesses. The study, conducted by FGS Global, highlighted that a significant 85% of firms reported dealing with a crisis in the last year, underscoring the volatile landscape businesses are navigating.
With cybersecurity threats rapidly evolving, 36% of these leaders ranked cyber incidents as the foremost crisis. Despite the high level of awareness, only a relatively small proportion of firms—36%—expressed full confidence in their preparedness to fend off ransomware attacks, which remain a pervasive threat according to the findings. The consultancy emphasised the current limitations in understanding cyber risks, particularly those exacerbated by emerging technologies like AI.
Jenny Davey, a partner at FGS Global, underscored the prevalent sentiment among executives: “The consensus from our in-depth interviews is that crises are becoming more prevalent, but also more unpredictable,” she noted, stressing the necessity of dynamic leadership capable of making bold decisions while fostering a strong organisational culture.
Further compounding these issues are leadership challenges related to personnel, with reports indicating that nearly a quarter of businesses faced serious allegations, including harassment or sexual misconduct. Upcoming amendments to the Worker Protection (Amendment of Equality Act 2010) Act will mandate employers to implement reasonable measures to prevent sexual harassment, adding another layer of responsibility for business leaders.
Social issues have also stirred challenges within companies. Around 13% of businesses reported hurdles involving contentious societal issues, including the Palestinian conflict and gender debates. Notably, generational disparities surfaced, with younger executives aged 18 to 34 expressing greater concern over these divisive issues compared to their older counterparts, illustrating a shift in focus and priorities across age groups.
The FGS Global report highlights pressing challenges in cybersecurity, personnel, and social issues facing UK business leaders today.
