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“What businesses don’t see can hurt them, especially as climate and operational risks shift faster than expected,” said Leo Kushner, business intelligence director at FM. “The 2026 FM Resilience Index delivers the objective insight leaders need to navigate volatility, understand evolving risk and make more resilient strategic decisions.”
Cybersecurity awareness has become a global priority, with countries investing heavily in data protection as digital threats accelerate, FM said. Denmark bolstered its cybersecurity ranking by 20 positions, while the Netherlands improved its cybersecurity by 25 and Spain by 11. This surge in cyber risk quality reflects an emerging international focus on data sovereignty that is reshaping how nations prepare for modern business risks.
However, progress remains uneven, according to the report. Norway slipped 11 ranks in cybersecurity, and Germany declined by seven, suggesting these traditionally strong performers face vulnerabilities that warrant attention.
After Denmark, the 10 most resilient countries in FM’s Resilience Index include: Luxembourg, Singapore, Norway, Switzerland, Germany, Sweden, Ireland, Finland and Belgium.
Beyond cybersecurity, physical risk drivers are converging in ways that pose distinct resilience challenges for specific industries and regions, according to FM. Water stress and fire risk quality have emerged as “closely linked physical risk drivers” that warrant heightened attention, particularly for data center operations, where adequate water availability proves essential for cooling and fire suppression systems, the report said.
This intersection becomes increasingly critical as the global energy transition accelerates. The shift toward renewable energy and battery-based power systems may amplify fire exposure, while climate change is driving more frequent wildland fires — compounding challenges in regions already facing water scarcity, FM said.
“Water is still the best way to put out a fire, and in many places, there are severe limitations on water availability,” noted Dr. Louis Gritzo, staff senior vice president and chief science officer. “The changing climate, increased temperature and the drive to be more sustainable through electrification — there are a lot of factors that add up to produce a very rapidly changing hazard.”
The problem is geographically acute. China, Germany, Mexico and Spain rank in the bottom third for water stress resilience, while Kuwait, Qatar, Saudi Arabia and the United Arab Emirates face extreme arid conditions. Mexico stands out as particularly vulnerable, trailing in both water stress and fire risk quality rankings, FM said.
Energy intensity presents another hidden weakness, the report said. Despite ranking third overall for resilience, Singapore scores only 116th in energy intensity, significantly underperforming expectations for such a high-performing economy. Similarly, Belgium, Finland and Norway rank among the world’s most resilient nations overall yet lag in energy efficiency metrics.
The report noted a disconnect between perceived and actual climate risk exposure. An FM survey of 800 risk decision-makers revealed that 74% underestimate their exposure to wind and flood risks where their business-critical operations are located. This awareness gap is widest in China and India, yet surprisingly consistent across developed markets including Australia, Canada and the United Kingdom.
The survey underscores a critical vulnerability: companies lack clear insight into the climate hazards threatening their supply chains and operations. While France, Germany, Singapore and the United States demonstrate better alignment between perceived and actual exposure, most organizations operate with incomplete risk intelligence. China, despite underestimating its own climate vulnerabilities, has strengthened resilience through rigorous natural hazard building codes , FM said.
For businesses seeking to build resilience, the takeaway is clear: expanded reliance on accurate risk assessment tools and building code enforcement offers a pathway forward. Countries including Germany and Sweden have recently updated their building codes, with the Netherlands and Poland following suit, recognizing that structural standards directly reduce fire and extreme weather losses across regions.
View the report here. &
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Global Business Resilience Faces Physical Risk Crossroads as Cyber Defenses Strengthen Worldwide – Risk & Insurance
