Economic risk is the primary concern for business leaders worldwide, according to the first global CNA Hardy Risk and Confidence Survey released Monday.

Economic risk was cited by 22% of the respondents worldwide, ranking in the top two risks in every region surveyed. That put it ahead of cyber (19%), technology (14%) and political risk (13%).

The report called the top three business risks — economic, cyber and technology — “global, inter-connected and complex.”

“In our view, companies need more than the traditional financial and legal skills if they are to manage these risks,” according to the report. “They also need a broader, more diverse range of skills on the board to help identify and manage the threats to brand reputation posed, for example, by failure to prepare adequately for Brexit or a disruption to the supply chain caused by a cyber attack. Organizations also need to think about embedding a more proactive approach to loss and risk prevention. Stronger leadership teams, operating within a more proactive risk culture, will be better placed to make the strategic investments in technology, people and processes that will enable growth.”

The survey also found that 59% of business executives worldwide are currently confident about the ability of their business to grow and prosper. But there were substantial regional variations, with 70% of leaders in Continental Europe expressing confidence, “well ahead of those in North America (64%), Asia Pacific (53%) and the UK (39%).”

“Confidence is local, but risk is global,” Dave Brosnan, CEO of CNA Hardy in London, said in an interview. “Confidence is very much linked to trade as well as business concerns. There’s substantial regional difference.”

For example, Brexit is a major concern in the UK, “certainly paralyzing decision-making,” he said, whereas in Asia, there is concern over trade wars.

Mr. Brosnan noted that no matter what the confidence level, executives are prioritizing international expansion. But increasing protectionist economic policy throughout the world makes executing a global growth strategy challenging, he said.

Businesses are focusing on digital transformation, Rhonda Beuge, head of specialty at CNA Hardy in London, said during the interview. Businesses are being forced to do so because others are doing so, she said. In the United States, there is concern about technology replacing jobs for people, said Ms. Beuge. While technology certainly won’t replace all people in the workforce, “we’re going to need to look at how we re-skill the workforce,” she said.

The whole concept of interconnected risks is going to create new and different challenges for businesses around the world, said Mr. Brosnan. Companies will have to focus on three priorities: leadership, culture and strategy, he said. 

“Risk management will continue to play an important role and an even more important role going forward,” said Mr. Brosnan. Risk can’t be thought of in silos, he said, adding that "insurance is not a panacea; it’s really all about partnership," he said.

The survey was based on the responses of 1,500 business leaders of multinational firms with operations in Europe — 450 based in the U.K., 250 based in France and Germany, 450 based in the United States, 100 based in Canada, and 250 firms based in Singapore, South Korea and Australia. The research occurred in July and September of this year.