New data released today as part of the third Lloyds’s Risk Index reveals that businesses see high taxation as their greatest threat. This has shot up from 13th in the list two years ago to claim the top spot.
Higher taxes replaced loss of customers as the biggest risk, which has now slipped to second place. Third place is now cyber security and this has increased from 12th place in the last survey.
This shows that in just two years the landscape of business has shifted quite a bit. Businesses are now in danger of concentrating too much on short-term risks to their survival like increased taxes and cyber attacks, rather than participating in long-term risk analysis to identify greater threats to their long-term survival such as changing trends in consumer demand.
The infographic below contains some of the main findings of the report and is definitely worth taking a closer look at.
What would you consider the greatest risk to your business? Let us know in the new comments section below.