For many years, Danish companies could plan on the basis of a fundamental assumption of stability. Markets were expanding. Trade was becoming freer. Risk could be managed through diversification and insurance.
That assumption has changed.
The war in Ukraine, economic sanctions, trade restrictions, cyberattacks and threats to critical infrastructure have moved geopolitics from the periphery to the centre of strategic decision-making. It is no longer only about diplomacy and defence policy. It is about operations, security of supply, investment and competitiveness.
A new analysis from Copenhagen Business School (CBS) maps how Danish companies are handling this new reality. With more than 150 respondents and in-depth interviews at board and executive level, the study paints a picture of a business community that has markedly strengthened its internal resilience.
“The key point is that we are not dealing with a temporary crisis,” says Anja Dalgaard-Nielsen, Vice Dean for Geopolitics & Business Security at CBS.
“We are in a more enduring situation characterised by lower predictability and more systematic pressure – including against economic and civilian targets. That requires a different way of thinking about strategy.”
The analysis shows that Danish companies prioritise what CBS terms “getting one’s own house in order”. This is where companies themselves believe they are strongest.
The concept covers more than technical security measures. It means senior leadership actively integrating geopolitical risk into strategy and governance – and allocating the necessary resources.
“At board and executive level, resilience must become part of strategic management. You need robust business continuity plans, you need to have tested them, and you must be able to document your risk management. It has become part of a company’s licence to operate,” says Dalgaard-Nielsen.
Security has thus moved up alongside financial governance and compliance. Investors, partners and authorities increasingly expect companies to demonstrate that they can withstand and manage disruption.
This is a strength. Many companies have taken responsibility and significantly upgraded their internal preparedness.
But the analysis also shows that resilience now extends beyond the individual organisation.
Collective Vulnerability
When companies assess their ability to coordinate with authorities and business partners, the score drops. Cross-sector collaboration appears to be the weak point.
This is a crucial insight. Hybrid threats rarely strike in isolation. They move through value chains, infrastructure and digital networks. A single breach can create ripple effects.
“We are generally good at optimising our own organisations,” says Dalgaard-Nielsen.
