Global companies in Kenya anticipate facing highest rates of security threats in 2024, according to World Security Report published by G4S.
In the report, the security threats which include supply chain attacks, malicious damage to company property and violence against employees could have a serious impact on business continuity for large, global companies operating in Kenya.
Supply chain attacks are likely to jump this year, anticipated by 33% of respondents, up from 26% who experienced these attacks last year. Cases of malicious damage to company property are anticipated by 35% of those surveyed, up from 28% who reported experiencing this type of incident last year.
The report which is first-ever World Security Report is from a survey of 1,775 Chief Security Officers (CSOs) in 30 countries at large, global companies with total revenue of more than $20 trillion.
The CSOs anticipate a sharp increase in the internal security threat of violence against employees; 48% of respondents expect this to affect their company up from 39% a year ago. This is well above the expected regional and global averages.
Laurence Okelo, Managing Director of G4S Kenya commented on the report saying, “Kenya has one of the strongest economies in Sub-Saharan Africa and global companies benefit greatly from operating here. CSOs will need to be laser-focused on their security over the coming year given the expected rise in threats across a number of fronts – and the detrimental impact on business continuity when breaches do occur. Good security is a strategic imperative as the threats we face become more complex and multi-faceted.”
The research found that previous security incidents have had a significant impact on business continuity; at 35% more CSOs in Kenya than in any other country surveyed said their supply chain was disrupted as a result.
More CSOs than in any other country said they faced business interruption costs and a loss of revenue following a security incident and at 37%, Kenya was the second highest country to report a fall in stock price value following a security incident.
Overall, Kenya-based CSOs expect to face some of the highest rates of security threats of all 30 countries surveyed in the next 12 months; fraud and misuse of company resources or data are the biggest external and internal concerns respectively.
Climate change is considered to be one of the country’s top security-impacting hazards for the next 12 months, cited by 56% of CSOs versus a regional average of 44%. Similarly, disruption to energy supplies is identified as an expected security-impacting hazard by 44% of CSOs in Kenya whereas the global average is 33%.
Africa is one of the fastest growing regions in the world and as companies grow, they are faced with multiple challenges both inside and outside their businesses. Focusing on robust processes and early warning security systems will help with preparedness and the ability to tackle the challenges they face.
Economic unrest creates security pressures in many forms and leaders will need to be vigilant and innovative in tackling these, through the use of well-designed security programs that combine good situational security intelligence, the right people and security technology,” said Mel Brooks, Regional CEO G4S Africa & Middle East.