Aon's 2021 Global Risk Management Survey, which is conducted every two years, gathered input from C-Suite leaders in a range of sectors including life sciences, financial services, construction, food and beverage as well as technology to identify key risks and challenges their organisations are facing across Ireland. Globally, the 2021 edition surveyed more than 2,300 respondents across 60 countries/territories and 16 industries.
With the increased reliance on technology over the course of the COVID-19 pandemic, cyber-attacks or data breaches topped the list of risks in Ireland. Cyber risk was also the number one current and predicted future risk globally, its highest ranking since the survey began in 2007. There has been an almost 400% increase in the volume of ransomware attacks over the last 2 years, with supply chains under attack from cyber criminals.
The impact of COVID-19 is also reflected in the other top risks facing Irish businesses, with "economic slowdown/slow recovery" coming second on the list, followed by "commodity price risk/scarcity of materials" at number three. The increased focus on commodity price risk is linked to growing concerns over climate change which is likely to result in yield losses and increased challenges in accessing natural resources.
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