November 2022, Virtual
21 November 2022, Hilton London Metropole
Volatile oil prices, the threat of global terrorism and cyber attacks on companies are the biggest threats to UK businesses and their travellers, according to security specialist Anvil.
Oil prices have slumped again this week and dropped to below $30 per barrel on international markets for the first time since 2004.
Although lower oil prices should continue to put downward pressure on airfares, Anvil’s group managing director Matthew Judge believes that the impact of dropping oil prices - and the instability this may cause in some regions - is the number-one risk factor for businesses this year.
“Iran is preparing to boost its imports after sanctions are lifted and this, coupled with the downward trend in prices, could lead to multiple and overlapping impacts on global political risks,” said Judge.
The threat of global terrorism is seen by Judge as another significant risk, as well as a potential increase in cyber attacks on firm’s networks and systems.
“In light of recent high-profile attacks, defeating the Islamic State has taken on a greater sense of urgency. IS has established a powerful presence in several countries, including Libya and Egypt and is currently exploiting opportunities to gain more traction in Asia, which will complicate,” added Judge.
Anvil has also identified regional conflicts, such as the Syrian civil war, as well as climate changes and natural disasters within its list of top 10 threats to business travel in 2016. Other issues include the European migration crisis, Russia’s policy of foreign intervention and China’s economic “manoeuvring”.
“The past 12 months have seen new territories affected by climate change, repeated terrorist attacks and glints of further global financial instability,” added Judge.
“In the year ahead, these current risks are expected to be coupled with new and emerging threats. As a result, we urge businesses to make risk part of their daily business calculations, and make sure their people know their plans and approach in order to be well prepared.”