Understandably, executives and company owners looking at the world see a sombre picture of risk. For a long time, the corporate sector has absorbed the brunt of terrorist attacks. The US State Department’s annual report, Patterns of Global Terrorism 2002, recorded 1,462 attacks against business in 1998-2002, compared to 155 against diplomatic targets.

And now senior Western intelligence analysts are talking about a decade more of Islamic militant-inspired terrorism, encompassing mass murder and operating outside conventional boundaries.