G4S and Allied Universal have confirmed the publication of a highly anticipated World Security Report.
This unique, first-of-its-kind report has highlighted that global companies lost a combined $1t in revenue in 2022 due to physical security incidents.
The report also suggests that economic unrest could be the greatest security-impacting hazard in the next 12 months.
World Security Report
The G4S and Allied Universal World Security Report documents the opinions of 1,775 chief security officers (CSO) or those in equivalent positions from 30 countries.
Working for global companies with a combined annual revenue of more than $20t, the companies have confirmed that CSO participation was both independent and anonymous.
“As the world’s leading security company, we commissioned this report for the benefit of the entire industry and the companies we protect,” said Steve Jones, Global Chairman and CEO, Allied Universal.
“It comes at a time when organisations across the globe are increasingly navigating more complex security hazards and threats.
“The research shows the impact of security threats on organisations is multidimensional – from the disruption of productivity to the loss of customers, to the potentially staggering financial impact.”
“Global businesses are facing increased security threats, a tight labor market globally and rapidly changing technology that presents new risks and requires different skills,” added Ashley Almanza, Executive Chairman, G4S.
“In addition, executive boards are grappling with balancing physical and cybersecurity alongside other priorities.
“The World Security Report helps our entire industry and the wider business community better understand and operate in the challenging, global and fast-moving security landscape.”
World Security Report: Key findings
- Economic unrest was reported by 47% as the greatest security-impacting hazard in the next 12 months, up from 39% in the previous year
- Climate change events are on the rise and the second most concerning hazard, with 38% saying they may be impacted in the next year
- This was followed by social unrest (35%), disruption to energy supplies (33%) and war or political instability (32%)
- Leaking of sensitive information is expected to be the biggest internal threat in the next 12 months according to 36% of respondents
- Misuse of company resources or data was the most common internal incident with 35% of companies having experienced this already over the last 12 months
- Fraud is expected to be the biggest external threat in the next year, predicted by 25% of CSOs
- Fraud and phishing and social engineering were the most common external security incidents experienced in the last 12 months (23%)
- The threat from two groups, subversives, hackers, protestors or spies and economic criminals, are likely to soar, with 50% and 49% of respondents predicting they will be impacted by these groups
- Security budgets represented approximately $660 billion (3.3%) of global revenue at respondent companies in 2022
- Physical security budgets at 46% of respondent companies are set to significantly increase in the next 12 months
- AI is top of the agenda for future physical security technology investment, with 42% intending to invest in AI and AI-powered surveillance over the next five years
- Cyber-threats that threaten physical security systems are challenging to operations according to nine out of ten respondents
- CSOs reported a disconnect between physical security incidents and the importance placed on them at board level; nine in ten CSOs said leaders are more concerned about cyber than physical security
- Eight in ten (84%) said recruitment of security professionals will be challenging over the next five years
- Nine in ten (92%) said people skills are more important than physical attributes of strength in front-line security professionals
Read the full report here.