“Companies need to plan for a wide range of disruptive scenarios and triggers, as this is where their big exposure lies in today’s networked society,” says Chris Fischer Hirs, CEO of AGCS.

“Disruptive risks can be physical, such as fire or storms, or virtual, such as an IT outage, which can occur through malicious and accidental means. They can stem from their own operations but also from a company’s suppliers, customers or IT service providers. Whatever the trigger, the financial loss for companies following a standstill can be enormous.

The report released on Wednesday said environmental degradation is the long-term risk that defines the current era, with four of the top five most impactful global risks in 2019 related to climate Rapidly evolving cyber and technological threats are the most significant potential blind spots; and the vulnerability of networked societies still not fully appreciated, said the report.