As the Covid-19 pandemic continues garnering the lion's share of attention from business travel managers and other key corporate risk management leaders, those decisionmakers may be suffering from "Covid myopia," causing them to neglect other significant risk factors, a new study cautions.
International SOS's Risk Outlook 2021 report features results from a survey of more than 1,400 risk professionals in 99 countries, including nearly 920 responsible for their organization's travelers. Conducted between Sept. 22 and Oct. 19 by Ipsos MORI, the survey revealed a widespread sentiment that overall workforce risk is at a five-year high and could continue to increase in 2021.
Nearly eight in 10 risk professionals canvassed believed the health and security risk for business travelers in 2020 increased from 2019; among U.S. respondents, that percentage increased to 91 percent of respondents. Meanwhile, about half of all respondents believed workforce risk would increase further in 2021, with that outlook especially high among Asia-based respondents at 60 percent. The worldwide perceived risk rate for business travel was the highest since 2016, when 72 percent of survey respondents indicated risk threats had risen amid a spate of terror attacks throughout Europe and North America.
But perceived risk from such security threats and similar events since has faded significantly against the backdrop of the ongoing Covid-19 pandemic, the study indicates. Among respondents who were responsible for business travelers, just 30 percent cited "geopolitical threats" as an area of concern, compared with 52 percent in 2019. Rates of risk concern dropped similarly year over year for "civil unrest" (to 25 percent from 52 percent) and "security threats" (to 32 percent from 68 percent).
While likely unsurprising given the devastating effects Covid-19 has wrought on the global corporate sector—including bringing business travel to a standstill for much of the year—the lack of attention to those risks is worrisome, according to Mike Sharp, group director for security services at International SOS.
The survey findings revealed "a potentially business-threatening level of Covid-19 myopia," Sharp said. Security issues actually have been exacerbated by the pandemic, particularly in relation to civil unrest and political protest, he added.
"It's understandable that, to varying degrees, the general population and business are more focused on application of Covid-related precautions. However, perennial security and safety issues have not abated," Sharp said, adding that the pandemic has made it more difficult to respond to those threats in many cases.
"Responding to high-impact threats, such as natural disasters, has gained another layer of complexity due to Covid-19 medical considerations and fluid travel restrictions," Sharp noted.
RELATED: Travel Medical Experts: Vaccines Promising, But Temper Your Enthusiasm