To the outside world, the global business risks of the past years might not be any different from the ones that are to come in the next decade. However, this might not be the case and as a business owner, it is important to keep abreast of what it is to come. In the recent survey, executives and decision-makers including Neil Haboush have identified the major global business risks that will shape 2020 and in the years to come.
What are these global business risks? Neil Haboush, a top executive in a leading company, brings to you lists of top business risks every entrepreneur needs to know.
1. Cyber Attacks
Cyber-attacks rank as the most important global business risks attacking organizations globally. With business going digital, threats to data, vital information and documents are increasing exponentially. Businesses are faced with increasing cyber-attacks of data breaches, system downtime or IT failure to mention but a few. The target most times have been large organizations being exposed to various cybercrimes. Ransom ware is just a few of the whole picture- Businesses can find themselves struggling with repairing a reputation they have built for years or struggling with economic indigence due to the unavailability of critical data. Either you are a large organization or small business, cybercrimes might be lurking around the corner. Understanding the level of risk and the likely sources will be a great way to understand how to respond says Neil Haboush.
2. Innovations and Technologies
Emerging technologies can require new skills or extra efforts on organizations’ parts to train existing employees. Artificial intelligence, 3D printing, block chain, nanotechnology, Internet of things (IoT) autonomous vehicles and so much more will put small businesses who could not invest in these technologies at a disadvantage. Moreover, these innovations can put pressure on national and international securities, disrupts the economic stability and increase threats to cyber security.
3. Changes in Legislation and Regulation
From taxes to tariffs, to interest rates, to Brexit to protectionism, politics will affect the operation and profitability of businesses in 2020. In 2019 alone, business operations have been affected by almost 1300 US new trade barriers. Latin America is still experiencing political unrest, China is becoming more assertive with its foreign policy, and the European Union will likely brace up for antitrust battles with the US tech giants. These are evidence of increased divisiveness, fractious international relations causing pushbacks on international trade. National politics in different countries are imposing various legislations and regulations and this is not stopping anytime soon.