CEOs are clamoring for bodyguards, says top security boss

• More executives are seeking protection, a private security company chief told The Financial Times.
• It’s because companies and CEOs are being targeted by political activists.
• Focal points include the climate crisis and the conflict in the Middle East.

An increasing number of companies appear to be spending a lot of money on the safety of their executives by hiring bodyguards.

Steve Jones, the CEO of security company Allied Universal, said The Financial Times that global political instability had created greater demand for security services.

His assessment appears to be in line with market trends. According to an October report from Fortune business insightsThe global private security market is expected to grow from $$247.75 billion in 2024 to $385.32 billion in 2032.

The largest and fastest growing segment is “manned security,” the broad category that includes executive protection.

Jones told the FT that companies with ties to Israel and the defense and energy industries would be most likely to hire additional security for their staff.

“We have wars going on in certain parts of the world, we have elections, we have protests, we have social challenges, we have immigration challenges that different countries around the world are facing. All this creates a need for extra safety.” he said.

In recent months, activists have targeted a number of high-profile companies and corporate events.

In October there were several Allianz Insurance buildings in Great Britain sprayed with red paint as part of a national protest by pro-Palestinian activists. The Palestine Action Group said it carried out the attacks in protest over Allianz’s alleged ties to an Israeli defense company.

In June, activists disrupted the Amazon Web Services Summit in Washington, DC, to protest a cloud services deal between the Israeli government, Google, Project Nimbus and Amazon.

Meanwhile, climate protesters in Germany disrupted European flights in August after entering air traffic control centers.

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Jones told the FT that his company employs around 17,000 people, including former police and military personnel, to protect executives and their families. Allied Universal did not immediately respond to a request for comment from Business Insider.

Companies can spend millions to protect their CEOs. Meta for example In 2023, he spent $23.4 million on Mark Zuckerberg’s personal security Fortune. Last year, Alphabet paid $6.8 million for Sundar Pichai’s personal safety.

Last year, Alex Bomberg, CEO of Intelligent Protection International, said this Financial news that demand for executive security had doubled in 12 months.

“The role of a bodyguard is not just for security,” he said. “You have someone who is well trained in first aid and has experience making dynamic risk decisions. It’s not just a guy in a suit.

“People don’t realize how things can play out on the streets,” he added. “It could be that a CEO goes for an interview, and when they arrive, something is thrown over them. It’s not so much about them being robbed, although that’s always a concern, but about the fact that they’re at home are being attacked by demonstrators.”

According to Allied’s World Security Report, in 2022, companies lost more than $1 trillion in revenue due to physical security incidents.

One in four listed companies reported a decline in value after a physical security incident in the past year, the report said.