Cyber breaches and regulatory change have been identified as the top threats to Australian businesses in Aon’s latest Global Risk Management Survey.

The biennial survey, polling business leaders from 61 countries, shows data breaches and cyberattacks were the top concern globally and in Australia last year, echoing the result of 2021’s study.

Regulatory and legislative change rank second in Australia, up from sixth in 2021, with Aon noting the increasing complexity of laws and a spotlight on financial groups.

The global broker’s survey also underlines the growing focus on “human capital”, with failure to recruit and retain staff placing third in Australia after a six-year absence from the top 10, and workforce shortages at eight.

Respondents also expressed concern about reputational damage, business interruptions and liquidity perils.

Aon says the results show that while businesses have rebounded in recent years, the effects of the covid pandemic are “still being felt”.

The broker’s Australian CEO Jennifer Richards says the findings reveal a “compelling need to be better prepared by accessing insights driven by advanced analytics and expert advisers to elaborate on the dynamics of both short- and long-tail risks”.

Click here for the Australian survey results.