Over half of UK business leaders (58%) rank cyber breaches as a top risk, according to a new survey from Nardello & Co.

The global investigations firm surveyed 250 UK business leaders, revealing a landscape shaped not by a single dominant threat but by a range of problems leaders much manage simultaneously.

While nearly six in ten identify cyber breaches as one of their most significant concerns, and two in ten have experienced a cyber breach in the past two years, three quarters of business leaders doubt their firm’s ability to manage these threats.

Compliance concerns, including changing industry regulations and complex enforcement actions like sanctions, are ranked highly, with 37% of respondents citing them as a top worry. Additionally, 30% flag financial crime, including fraud, bribery, corruption, and embezzlement, as a major threat.

Another encompassing concern is reputational damage, ranked by about a quarter (26%) as a top three concern. Among them, 42% worry about the reputational impact of a data breach, 28% worry about the spread of misinformation online, and 24% worry about negative media coverage. 18% express concerns about managing wrongful allegations from employees.

The data reveals these concerns influence behaviour, with 20% of leaders admitting to attempting to ameliorate reputational risk by making “safer” decisions; decisions that were not necessarily in the best interests of their companies.

To avoid their remarks being taken out of context, 57% of leaders are now more cautious when speaking. Nearly half (42%) avoid social media engagement for fear of reputational risk and nearly 1 in 10 (7%) avoid meeting with junior colleagues due to the increasing fear of false allegations.

These fears are grounded in reality: 16% of businesses have faced false allegations in the past year, including false claims of misconduct, harassment, or unethical behaviour).

In terms of geographic risk, Africa is cited by 26% of respondents as the region where organisations face the greatest operational risk exposure, followed closely by the Middle East at 24% and Asia, 22%.

Despite a growing global appreciation of risk, the report suggests uneven preparedness across UK businesses.

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Only 44% confirmed they carry out pre-hire screening, and only 48% confirmed they have an anonymous whistleblowing channel in place.

Only 50% confirmed they maintain a formal ethics programme, and only 59% confirmed they provide regular training on misconduct and compliance.

“Despite organisations facing an increasingly sophisticated array of risks, the data highlight a degree of complacency that could well be existential for a business,” Chris Morgan Jones, regional managing director of EMEA said.

“Preparation, planning, and careful attention to specific risks can diminish the impact of any crisis and frequently prevent one.”