Boston, Dec. 06, 2022 (GLOBE NEWSWIRE) -- Healix International, the global provider of travel risk management and international medical, security and travel assistance services, is encouraging all businesses to address their operational risks in light of its annual Risk Outlook for 2023. The report revealed the top five risks to businesses and suitable measures for mitigation:
- Energy crisis
Putin continues to weaponize the Nord Stream pipeline and gas exports from Russia have already dropped by nearly a third (30%) since the start of the invasion of Ukraine. This is causing an acute energy supply emergency that may see countries forced to adopt more drastic measures such as rationing to avoid blackouts. Most European countries have introduced fiscal policies, such as an energy price cap, to shield consumers from energy market volatilities. However, companies remain exposed to the financial risks resulting from the energy crisis. Businesses will have to manage various challenges stemming from soaring operational costs and market fluctuations throughout 2023.
- Deepening political polarization
Political polarization was featured in numerous elections during 2022, impacting previously more neutral systems such as Sweden, where the right-wing democrats secured a majority in September. In Italy, right-wing Georgia Meloni succeeded in becoming the first woman to win the Italian premiership through an election campaign premised on nationalism and anti-EU rhetoric.
This trend looks set to continue into 2023 with elections in Columbia and Brazil going in the same direction. Businesses who regularly deploy personnel abroad will find that previously benign areas are now mired in political and social unrest. As such, companies will have to tackle extra security and operational risks by enhancing their existing safety measures.
- Increasing cyber risks
Data shows there were 15 million data breaches worldwide in the third quarter of 2022; accelerated digitization has provided new opportunities for hackers. As more network-connected personal devices come on the scene and hybrid working increases, businesses need to be aware that this has an impact on their security. Each employee’s home devices present an easy avenue through which attackers can breach the company’s systems and access highly sensitive data. Companies will therefore be tasked with firming up their cyber security measures as well as cultivating employee awareness and vigilance.
4. Diversification of global extremism threats
Extremism trends, particularly in the west, have become more diverse throughout 2022. Motivations have deviated away from far-right and broader terrorist ideologies. Islamophobia, anti-Semitism, anti-LGBTQ+ sentiment, white supremacism, anti-establishment sentiment, and sexism have further broadened the kaleidoscope of extremist beliefs while more traditional insurgent group continue to be highly active. Businesses should be vigilant about staff travel, ensuring the appropriate level of risk mitigation is in place. This includes things like mobile tracking and ensuring that staff have an evacuation route, if necessary.
5. Climate risk
Extreme climate events that were previously referred to as “once in a century” have become a yearly occurrence. Extreme rainfall in Pakistan saw 1,700 fatalities and flooding of 75% of Sindh Province. Hurricane Ian caused significant infrastructure damage in Cuba and Florida. Australia’s wildfire season has increased by an average of 27 days over the last 40 years.
All of this has drastic implications for both traveling staff and operational activity across the world, necessitating businesses to put measures in place for mitigation, especially in regional hotspots.
Chris Job, Director of Risk Management Services at Healix International, comments:
“Business leaders will be well aware of the various disasters and emergencies playing out on the global stage, yet some are inadequately equipped to mitigate the risks they pose to business assets and personnel. Having a sense of the main risks faced by their company cannot alleviate the threat itself, but it can provide business leaders with the ability to proactively implement the necessary measures to enhance their current security procedures.
Security and risk managers should continuously re-evaluate these threats and regularly conduct thorough risk assessments to determine where their key vulnerabilities lie.”
For further advice or assistance with developing a customized risk mitigation plan for your organization, please reach out to enquiries@hx-global.com.
About HX Global
HX Global, the U.S. division of Healix International, has been providing assistance and travel risk consultancy solutions to some of the world’s most well-known corporations, governments and NGOs for over two decades. HX Global’s fully integrated team has the skill and experience to address the myriad risks facing today’s travellers. Its combined medical, travel and risk management expertise places HX Global in the unique position to deliver comprehensive, cost-effective solutions without compromising high-quality support for the end-user. To learn more, please visit https://hx-global.com.
