The findings come from Marsh’s UK Business Risk Report 2024, which surveyed over 2,000 business health and benefits package, training and mental health support they offer to their employees
The UK Business Risk Report 2024, which surveyed over 2,000 business leaders and sole traders, revealed that 43% of respondents ranked economic and financial risks as their top concern, followed by cyber threats (39%) and workforce-related issues (38%).
The report highlights that despite some positive economic signals, fears around inflation, recession risks, cash flow, and rising interest rates have intensified. Cybercrime concerns have also surged, with 39% of leaders identifying IT disruption as a key risk—nearly doubling from 2023. Workforce challenges, including hiring, retention, and employee mental health, remain pressing issues, especially for industries like health, education, and retail.
In response to these growing risks, business leaders plan to prioritize investments in cybersecurity, supplier risk assessments, and employee wellbeing initiatives, including mental health support and training, over the next year.
Commenting on the findings, Alistair Fraser, CEO, Commercial and Corporate, Marsh UK, said: “So far this year, in the face of a myriad of shifts and disruptions, UK businesses have navigated a landscape fraught with interconnected risks which has tested their resilience. From fluctuating markets and trade uncertainties to the ever looming fear of cyber attacks, businesses have had to stay vigilant and proactive in safeguarding their operations and protecting their stakeholders.
“This report highlights that by taking a proactive approach to risk management, businesses of all sizes and in all industries across the nation are able to fortify their defences in order to maintain stability and sustain growth.”
Nick McMenemy, Digital, Strategy and Markets Leader, Mercer Marsh Benefits said: “This year’s risk report reveals the scale of the challenges facing businesses and the need for urgent action – as talent attraction and retention, and workplace culture persist as major issues. The war for talent is intensifying due to a variety of linked economic and cultural reasons, with nearly a third of respondents saying that recruiting and retaining staff is a key concern.”
He added: “Businesses must adopt an enterprise-wide approach that addresses the interconnected nature of risks, rather than focusing on a single dominant issue, in order to build resilience and navigate through these challenges.”
Source: Marsh
