However, the vast majority (92%) of SME owners believe they started out as a local or UK business rather than European or global, while four fifths (82%) admit they are more concerned about local risks than global threats. This perception gap is leaving small businesses open to ‘hidden’ or ‘shadow’ risks (i.e. risks beyond their physical footprint that haven’t been recognised or managed), and causing them to miss out on significant international growth opportunities. External perceptions of SMEs also contribute to this ‘shadow risk’, with three quarters (74%) of SME owners saying the view that small businesses are local by default is out-dated. Top concerns related to international expansion include banking security and fraud (75%), cyber-attacks (69%) and economic turmoil (69%). This is a real concern, with almost a third (29%) of SME owners having experienced such an incident.