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An increasing number of companies appear to be spending big money on trying to keep their executives safe by hiring bodyguards.
Steve Jones, the chief executive of security company Allied Universal, told The Financial Times that global political instability had created increased demand for security services.
His assessment seems in line with market trends. According to an October report by Fortune Business Insights, the global private security market is expected to grow from $247.75 billion in 2024 to $385.32 billion by 2032.
Its largest and fastest-growing segment is "manned security," the broad category that includes executive protection.
Jones told the FT that businesses linked to Israel and the defense and energy industries were most likely to hire extra security for their staff.
"We've got wars going on in certain parts of the world, we have elections, we have protests, we have social challenges, we have immigration challenges that face different countries around the world. It all creates a need for additional security," he said.
In recent months, activists have targeted a number of high-profile companies and corporate events.
In October, several Allianz Insurance buildings in the UK were sprayed with red paint as part of a national protest by pro-Palestine activists. The Palestine Action Group said it carried out the attacks to protest against Allianz's alleged links to an Israeli defense firm.
In June, activists disrupted the Amazon Web Services Summit in Washington, DC, to protest about a cloud services deal between Israel's government, Google, Project Nimbus, and Amazon.
Meanwhile, climate protesters in Germany in August disrupted European flights after accessing air traffic control centers.
Jones told the FT 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 by Business Insider.
Companies can spend millions to protect their CEOs. Meta, for instance, spent $23.4 million on Mark Zuckerberg's personal security in 2023, according to Fortune. Last year, Alphabet paid $6.8 million for Sundar Pichai's personal security.
Last year, Alex Bomberg, chief executive of Intelligent Protection International, told 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 highly trained in first aid, experienced in making dynamic risk decisions. It's not just some bloke in a suit.
"People don't realize how things can play out in the street," he added. "A CEO might go for an interview, and when they arrive, they get something thrown over them. It's not so much about them being robbed, although that's always a concern, but being doorstepped at home by protesters."
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 publicly listed companies reported a drop in their value after a physical security incident over the last year, the report said.
