A survey by accountancy firm BDO has revealed the main risk factors identified by global telecoms companies all concern finance and macroeconomics.

82% of those surveyed identified currency fluctuations, interest rates and liquidity as a top risk, with access to finance next on 75%. Only then came things like competition, new technology and cyber security.

“The pace of change faced by the global telecoms sector has never been more intense,” said Christian Goetz, Leader of the Global Telecoms team at BDO. We are in a difficult market, as the recent financial results of many telcos bear out. It’s clear that firms must adapt or they will not survive.

“Our data points to an industry in which prescient telco leaders are alive to the threats they face: from emerging technology, entrepreneurial new competitors, and financial instability. Some have already begun to employ creative ideas around their existing services or infrastructure, sophisticated financial planning and strengthened cyber security, but they cannot afford to be complacent and must continue to evolve.”

The full top 10 is shown in the infographic below. At the other end of the top 30 things like customer dissatisfaction, IP infringement and access to spectrum had fallen significantly compared to last year’s survey, while a bunch of geopolitical and social risks made their debuts.