Not surprisingly, the analysis (summarised in the table below) uncovered disparities between the nine sectors reviewed. The semi-conductor, tech and di- gital equipment, and pharmaceutical sectors had the highest exposure: the first two due to the depen- dence of their value chains on components made in countries (predominantly in Asia) with high exposure to physical risks. In the third sector (pharma), ope- rational chains are dependent on satisfactory water and energy availability, which may be locally jeopar- dised by climate change (sometimes significantly). Differences can also be observed between different regions of the world, with greater vulnerability seen in Southeast Asia than in North America. Lastly, the degree of exposure to physical risks varies depen- ding on the type of operational risk reviewed. Accor- ding to the analysis, the sample is more exposed to water and heat stress and to floods.