Brazil’s terrorism risk rating has increased from medium to severe in the lead-up to this year’s soccer World Cup, while Winter Olympics host Russia is also a potential target, according to Aon Risk Solutions.

Widespread and violent anti-government protests last year caused Brazil to become the only Latin American country with a rising risk rating.

“The analysis indicates this unrest will likely continue this year, particularly ahead of the FIFA World Cup and the October general elections,” Aon says on the release of its annual Terrorism and Political Violence Map.

“The Winter Olympics in Russia, which will involve significant mass transportation moves, is seen as a potential terrorist target,” Aon says.

Overall the report identifies 80 “terrorism peril” countries for this year, down 12% on a year earlier. Brazil, Japan, Mozambique and Bangladesh have higher risk ratings, while 34 countries have attained lower scores.

“Despite signs of global economic recovery, businesses in emerging markets are as exposed as ever to a diversifying array of risks and threats from sophisticated and often highly networked adversaries,” Aon Intelligence and Analysis Head Henry Wilkinson said.

A new strain of Salafist jihadism has emerged in the Middle East and North Africa, evidenced by increased levels of terrorism, the report says. Some 33% of all high and severe-risk countries are in sub-Saharan Africa.

Country scores for the Asia-Pacific and Oceania region remain broadly stable, with ratings falling in South Korea, Malaysia and Samoa. Increased military spending and geopolitical tensions lifted Japan’s rating.

About 33% of attacks affect the retail sector and 18% hit transportation, according to the data.