The Top 5 Risks for 2024
An overview of the Business Continuity Institute (BCI) Horizon Scan Report 2023 results.
As we enter the season for strategic forecasting, the Business Continuity Institute (BCI) Horizon Scan Report 2023 is one of those reports that provide a clear overview of the risks and challenges that will shape the crisis communication landscape in the near future.
This yearly report is used by professionals worldwide to understand the changing threats that organizations should be ready for.
Let’s take a look at the top 5 highlighted risks. But don’t forget to read the full report; it really contains very interesting insights and data. 👍
The BCI Horizon Scan Report 2023 has identified the key risks that will be central to organisations shaping their crisis communications strategies in the coming years.
Here is a brief overview of the top risks, each of which presents unique challenges and opportunities for our profession:
1. Cybersecurity threats
Cybersecurity breaches are at the forefront of threats to organisations, with sophisticated attacks and state-sponsored cybercrime increasing the need for robust communications measures. As crisis communicators, our role in formulating clear and informative messages during and after such incidents is more important than ever.
2. Extreme weather events
In second place, extreme weather events caused by the climate crisis are a growing concern. Our messages need to evolve to address the immediate and long-term impacts of these disruptions and emphasise preparedness and resilience.
3. IT and telecommunications outages
IT and telecom outages are the third biggest risk and present organisations with the challenge of maintaining operations despite technological failures. Effective communication is essential in such events to maintain stakeholder confidence and keep them informed in a timely manner.
4. Increased costs of living
The rising cost of living, now among the top risks, reflects broader economic pressures that can affect every aspect of business performance. Transparent communication about the impact of these economic challenges is critical to maintaining stakeholder confidence.
5. Energy supply disruptions
Energy supply disruption rounds out the top five risks, and companies need to prepare for potential operational impacts. It's the responsibility of communicators to create clear action plans and maintain open channels of communication during such crises.
Beyond the immediate threats, the report highlights the ongoing impact of the pandemic on occupational health, the centralisation of risk processes, and the commitment to investing in resilience despite the economic headwinds.
Again, here’s the full report, and do let me know if you think these crises deserve to be in the top 5 or if you see more “riskier” topics.
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