The latest enterprise risk management news from around the world

Small and medium sized enterprises becoming more risk aware

The risks posed by cyber attacks and reputational damage are increasingly worrying small and medium-sized enterprises (SMEs), according to Zurich Insurance Group’s third annual global SME survey.

Key findings included:

  • Risk awareness has improved, with over 90 percent of SMEs surveyed now aware of the risks facing their business. Only 7 percent don't see any risks for their business in 2016.
  • Concerns about cybercrime have almost tripled since 2013 (11 percent vs 4 percent), while worries about reputational damage have also increased (14 percent vs 8 percent three years ago). These were the fastest growing perceived risks since the survey began in 2013.
  • Just under a third (31 percent) rated the impact of competition on margins as the greatest risk facing their business, a slight decline from previous years. Lack of consumer demand continued to be the second-greatest risk, and has increased in prominence since 2013 (30 percent vs 24 percent).

The survey polled 2,600 C-suite executives and managers at SMEs across 13 countries in Europe, the Americas and Asia Pacific.

Read more about the third annual global SME survey (PDF).


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