• More executives are seeking protection, the head of a private security firm told the Financial Times.
• It comes at a time when companies and CEOs are targeted by political activists.
• Flashpoints include the climate crisis and the conflict in the Middle East.

An increasing number of companies appear to be spending a lot of money trying to keep their executives safe by hiring bodyguards.

Steve Jones, CEO of security company Allied Universal, said financial time that global political instability had created greater demand for security services.

Its assessment appears to be in line with market trends. According a report from October Fortune Business InsightsThe global private security market is expected to grow from $247.75 billion in 2024 to 385.32 billion dollars in 2032.

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

Jones told the Financial Times that companies linked to Israel and the defense and energy industries were the most likely to hire additional security for their staff.

“We have wars 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. It all creates a need for additional security.” said.

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

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

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

Meanwhile, in August climate protesters in Germany disrupted European flights after gaining access to air traffic control centres.

Jones told the Financial Times that his company employs about 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. Goal, for example, 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, CEO of Intelligent Protection International, said financial news that demand for executive security had doubled in 12 months.

“The role of a bodyguard is not just security,” he said. “You have someone who is highly trained in first aid, experienced in making dynamic risk decisions. He’s not just a guy in a suit.

“People don’t realize how things can happen on the street,” he added. “A CEO can go to an interview and when he arrives, something is thrown at him. It’s not so much about being robbed, although that’s always a concern, but about protesters opening the door to his house.”

According to allies world security report, In 2022, companies lost more than $1 trillion in revenue due to physical security incidents.

One in four publicly traded companies reported a drop in value after a physical security incident over the past year, according to the report.