Threats to European companies in 2024: Cyber attacks and fake news top the list

Social polarisation, the rise of fake news and loss of trust in authority form the top of the biggest threats to European companies in 2024, including from a crisis communication perspective. Cyber-attacks rank particularly high and remain the biggest risk to organisations, with cyber-crime estimated to cost the global economy $10.5 trillion annually by 2025. This is the conclusion drawn at the end of the Crisis Communication Network Europe (CCNE) annual meeting in Munich.   For Western and Eastern European companies, there are several common risks, but also some differences, mainly due to the level of economic development, but also to cultural specificities and regional trends.   In addition to the top four threats, next year's elections and the rise of extremist discourse are concerns shared by organisations from all EU regions. In addition, companies operating in Western Europe point to the all-too-fast rise of artificial intelligence in relation to the lagging regulatory framework. From this perspective, integrating risk and crisis management with digital transformation is seen as crucial, requiring coordination between different departments and an understanding of the complexity of technology, data and operating environments.   As the threat of cyber-attacks increases, there has been a trend among global companies to merge GRC (Governance, Risk and Compliance) and ESG (Environment, Social and Governance) policies, promoting crisis scenario planning and hypothesis testing capabilities that consider both risk factors and sustainability aspects.   A specificity of Eastern European companies is fiscal unpredictability and higher risks of contagion following the war in Ukraine. "Regarding the forecast for Romania, it is worth noting that next year will be an extremely dynamic year from a political perspective, as it is the first year in which Romania has elections on all fronts. In this context, populist messages and media intoxications, including în terms of fiscal predictability, will put companies in problematic situations, easily generating communication crises", says Ana Maria Gardiner, Managing Partner Lighthouse PR.   CCNE is a European association of independent consultancies with proven expertise in crisis prevention, management and communication. Through the network, its members can better support their clients in cross-border crises. In Romania, the PR and strategic communication agency Lighthouse PR is the only member of the group and the only one in Central and Eastern Europe.