The disruption caused by Storm Bram highlights the need for firms to assess risks “holistically” as businesses are beginning to view weather and natural disasters as a bigger threat to business, according to a new survey by Aon.
The primary risk concerning Irish businesses is the threat of cyber attacks and data breaches, according to a new survey, with 93 per cent of businesses having a plan in place to address the threat.
Businesses are also increasingly concerned about global economic volatility, which rose 21 places to represent the eighth biggest risk to firms in Ireland, according to a biannual management survey by global professional services firm, Aon.
Rachael Ingle, the chief executive of Aon Ireland, said there are “big megatrends” impacting Irish businesses, namely weather, workforce, trade and technology.
READ MORE
She said these risks are “interconnected and converging”, citing the impact of Storm Bram in recent days as an example of the need for companies to evaluate risks “holistically”.
“The whole of Dublin was at a standstill today,” she told The Irish Times on Wednesday, due to the impact of weather conditions on public transport links. “A weather event turned into a power event, then an economic event for many businesses in Dublin.”
Aon’s Global Risk Management Survey took perspectives from key business leaders across 3,000 companies globally, finding that businesses view the impact of weather on their operations as posing the 9th most significant threat in 2025 despite being outside the top 20 just two years ago.
Economic slowdown and slow recovery from headwinds was the second biggest concern among Irish business leaders, followed by regulatory and legislative changes, the survey found.
Irish firms were slightly more concerned about the impacts of macroeconomic conditions than the global average, with the placement of Irish as a small open economy leaving Irish businesses especially aware of these risks.
“We are a small, export-led economy and our businesses are exposed, more so than other European countries, to the impact of protectionist trade measures as well,” she said, noting that volatility is “here to stay” and is the “new reality” for businesses.
She said means that Irish companies and decision makers should model and plan for these risks, which contributed to 44 per cent of companies suffering a loss in financial performance.
Cyber threats, however, remain the top concern for companies now and into the future both globally and domestically.
“Nearly every company can be described as a digital organisation,” Ms Ingle said, with technology ingrained in every company somewhere along the chain. The threat of cyber attacks and data breaches has long been the top concern for businesses, with 93 per cent having adopted a plan to address the threat.
This has reduced the number of companies affected by the risk, which caused just 4.2 per cent of businesses to suffer a loss associated with it.
