Political Risk Index: H2 2024

In this edition of the Political Risk Index we explore the global patterns of gray zone attacks in the emerging world.

"Gray zone attacks," also known as hybrid warfare, leapt onto the world stage in 2024, as Houthi attacks on shipping disrupted global supply chains. Gray zone attacks refer to efforts to put pressure on rival states using measures short of war. Examples include destruction of critical infrastructure, state cyber-attacks, weaponization of migration, sponsorship of violent non-state actors, disinformation campaigns, and declared or undeclared economic sanctions.

Very often, businesses are in the line of fire from these attacks, such as European utilities firms who saw their underseas cables cut for unclear reasons in late November 2024.