One in Ten Workers Think Their Company Is Hanging By a Thread
Veritas Technologies recently rolled out a study that felt a little like a fortune cookie: 13% of employees wondered whether their companies would survive the next twelve months. That’s roughly 1 out of 10 people on the edge of a corporate cliff.
Economic Uncertainty: The Real Upswing in Stress
- Two in five said rampant inflation and tighter wallets are the biggest threat to their business.
- Rising living costs are squeezing operating expenses, leaving many firms on the brink of losing profit margins.
UK Companies Leap Toward 2009‑Level Bankruptcies
During Q3 2023, 6,208 firms filed for insolvency in the UK – a 10% jump from the same quarter in 2022. If that trend sticks, the next year could crowning the highest number of busts since 2009.
UK Business Climate: 2024 Looks like a Tightrope Walk
While the UK’s economic pulse barely kept beat between July and September 2023, a recent OECD report nudges forecasts down—only about 0.7 % growth next year. So, if you thought 2023 was a perfect time to expand, think again; 2024 feels more like walking a rope over a chasm.
Beyond Wall Street Worries: Cyber Threats Are Now in the Fray
- Data security tops the menace list with a staggering 50 % of executives flagging ransomware and data loss as their biggest risk.
- Emerging tech threats (think AI) follow suit, with 37 % of business leaders waving that red flag.
Veritas’ latest research echoes what industry insiders are already sensing: it’s not just the shaky economy that’s making UK companies nervous—there’s a growing fear that digital safety nets are slipping.
Barry Cashman’s Take: “We’re Near the Bottom of the 2008 Bankrupt Wall”
Barry Cashman, regional vice‑president for UKI at Veritas, cautions that insolvency numbers for 2024 are echoing the 2008 crisis flood. “2023 came with an odd cocktail of uncertainty, a surge of AI, and cyberattacks—ransomware has reached record highs,” Cashman says.
When asked about the expansion of risks, Cashman quoted the survey: 70 % of companies feel data security threats have grown over the last year.
Plan Your Defense—Stay Alive, Maybe Even Thrive
Cashman urges leaders to thoroughly understand the risks and build a solid resilience plan. Proactive preparation isn’t just about survival; it’s the sure path to thriving in adversity.
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