The conversation around defence is no longer confined to military and government circles. With an unprecedented rise in global conflicts—the highest since World War II—and the increasing diversity of security threats such as cyberattacks, disinformation, AI exploitation, and hybrid warfare, the imperative for enhanced defence readiness is undeniable.
Elevating defence investment is not merely a military concern but a fundamental requirement for economic stability and business continuity.
The Russia-Ukraine war serves as a stark reminder: Ukraine’s underinvestment in defence left it vulnerable, and the resulting conflict caused global economic tremors.
Gas prices in Europe surged by over 200%, while wheat and corn prices worldwide soared by as much as 40% in the early months of the conflict.
Ukraine’s experience is a wake-up call for other nations and businesses.
Even before the invasion, the 2014 annexation of Crimea should have signalled the need for more robust military preparedness.
As Mario Draghi, former Italian Prime Minister, recently emphasised in his report on EU competitiveness, Europe needs €750-800bn in annual public and private investment, including defence, to safeguard its economic and political interests.
Draghi’s view highlights an urgent need for public-private collaboration and increased defence spending as a key element of economic resilience.
The UK House of Lords’ “Ukraine: A Wake-Up Call” report echoes these sentiments, noting that even an increase to 2.5% of GDP for defence spending may fall short of what’s needed.
Defence is not only a public expenditure but a matter for businesses, which rely on stable, secure markets.
To shift the debate from ideological associations with military investment, we must communicate the broader benefits to society and the private sector, from safeguarding critical infrastructure to protecting global supply chains.
To shift the debate from ideological associations with military investment, we
must communicate the broader benefits to society and the private sector.
Nations and businesses that fail to act on these lessons risk being unprepared for future conflicts and cyberattacks.
Maintaining outdated responses to modern threats leaves societies vulnerable to disruptive forces—whether geopolitical, economic, or digital.
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