In today’s fast-moving and unpredictable business landscape, it’s easy to get caught up in the day-to-day. But every now and then, it’s worth stepping back to consider the bigger picture. What’s coming down the track? What should your business be preparing for—not just to survive, but to stay competitive and relevant?
Here are three key challenges I believe every business leader should be thinking about right now. These aren’t distant possibilities—they’re active, growing issues that can impact your operations, your reputation, and your profitability. The good news? With the right awareness and support, they’re all manageable.
1. Cybercrime: Not Just a Tech Problem—A Business One
You’ve probably seen the headlines. From well-known high street names like Marks & Spencer to local SMEs, cyberattacks are becoming more frequent and more damaging. But this isn’t just an IT issue—it’s a business-critical risk.
Cybercriminals are becoming increasingly sophisticated, and their model is clear: cause maximum disruption and extort payment to make it stop. It’s digital blackmail. And while you may think it won’t happen to your organization, that’s exactly the assumption they prey on.
What’s most at risk?
Your customers’ personal data. Your suppliers’ account details. Anything that can be exploited for financial or reputational gain.
And if you’re handling card payments, there’s an extra layer to consider: Payment Card Industry (PCI) compliance. This refers to how you store, process, and protect sensitive cardholder information. Non-compliance doesn’t just put you at risk of fraud—it could damage your credibility with both customers and partners.
PCI Health Check Tip
Are you paying PCI fees? Do you understand what they cover? Are your security measures still fit for purpose? If the answer to any of these is “I’m not sure,” now’s the time to take stock.
2. Open Banking: The Fast-Evolving Future of Payments
Open banking isn’t just a buzzword—it’s a real, growing alternative to traditional payment systems. According to the UK’s Open Banking Implementation Entity, the volume of open banking transactions grew by 72% last year. That kind of growth isn’t a trend—it’s a shift.
So what is it, exactly?
Open Banking Explained
Open banking allows consumers and businesses to make payments or share financial information through secure APIs—directly from their bank accounts. It bypasses card networks and streamlines the payment experience, often at lower cost.
Why does this matter to your business? Because more and more customers expect it. They want easier, faster ways to pay—and open banking can deliver just that. For businesses, it can mean reduced payment fees, fewer fraud risks, and improved cash flow visibility.
But there are challenges.
Many recurring payment models (like subscriptions or instalment plans) are built around direct debits. Open banking doesn’t yet offer a direct replacement for this—but the technology is evolving quickly.
The key takeaway: Don’t wait. Begin exploring what open banking could mean for your payment strategy over the next 3–5 years. Get it on your roadmap now.
3. Reputational Risk: The Price of Getting it Wrong
This ties back to both cybercrime and payments—but it deserves a mention in its own right. Reputational risk is the silent killer. You may survive a data breach or a payment mishap financially, but if your customers lose trust, the long-term damage can be far greater.
In a digital-first world, bad news travels fast. Whether it’s a security failure, poor handling of sensitive information, or slow adoption of modern payment options, businesses that fall behind will be left behind.
Part of your business’s contingency planning response to this involves being prepared and able to deal with customer impacting events and having a road map for your payment acceptance, being fit for the future and aware of threats and opportunities.
Završne misli
Each of these topics—cybercrime, open banking, and reputational risk—requires attention, action, and in many cases, expert support. You don’t have to solve them alone. At ERA Group, we work with clients every day to help identify, assess, and respond to the evolving pressures they face.
So, if you haven’t yet looked at these areas through a strategic lens, now might be the time. It’s not about panic. It’s about preparation. Because businesses that anticipate change don’t just survive it—they use it to get ahead.
