BDO Report: Global Risk Landscape 2023: The Age of the Risk Multiplier
22 August 2023
Amidst the intricate complexities of today's business landscape, a particular concept demands attention: multiplication. We uncover a fundamental reality when we analyze geopolitical tensions involving Russia, delicate supply chains, and cybercriminals' advancing strategies - risks are no longer isolated entities but interconnected factors that magnify each other.
According to the BDO survey report, cyber risk is anticipated to rank among the top 3 risk amplifiers in 3 years. Recognizing the dynamic interplay of risks, leaders must craft strategies that transcend traditional boundaries and one-dimensional solutions. This emphasizes the pressing need for a fundamental shift in risk management.
While digital transformation presents cost-effective advantages, it also exposes organizations to cyber threats as the multiplication effect redefines the landscape. Cyberattacks and disruptions in supply chains compound to create a multiplication effect. This phenomenon is evident in the manufacturing sector, where fraud and cyber threats coexist. Moreover, the broader business landscape consistently worries about cyber fraud.
The clear and resonating message is this: the multiplication effect reshapes the risk terrain, erasing conventional limits, and merging vulnerabilities. Take a look at BDO's report titled "Global Risk Landscape 2023: The Age of Risk Multiplication" to understand this delicate dance of risks and strengthen your business against its diverse threats.