Cyber incidents such as ransomware attacks, data breaches and IT failures are the biggest risk for companies worldwide this year. The closely linked business interruptions follow in second place. For the current Allianz Risk Barometer, more than 3.000 risk experts from 92 countries were surveyed about their top company risks.
Among the German participants in the study, cyber attacks and business interruptions also take first place (1: 2023) and second place (2: 2). Unlike worldwide, however, changes to laws and regulations - such as tariffs, sanctions or protectionist efforts - rank third (2023: 1). It is striking that in Germany the shortage of skilled workers is perceived as a major risk: in this country it is in fourth place and has moved up two positions compared to the previous year. Globally, the shortage of skilled workers only reaches 3th place as a risk.
Cyber attacks as risk No. 1 – 3 years in a row
🔎 For the Allianz Risk Barometer, more than 3.000 risk experts from 92 countries were surveyed about their top corporate risks (Image: Allianz).
Cyber incidents (36 percent) are the main risk for companies for the third time in a row and for the first time by a clear margin of five percentage points. In 17 countries, including Australia, Germany, France, India, Japan, Great Britain and the USA, experts classify the dangers of cyber attacks as the greatest risk. 59 percent of respondents cited data breaches as the most concerning threat, ahead of attacks on critical infrastructure or assets at 53 percent. Ransomware attacks also affect more than half of companies, as these have increased significantly over the past year. In 2023, claims increased by more than 2022 percent compared to 50.
“Criminals are always looking for ways to use new technologies, such as Generative AI, to automate and accelerate attacks with more effective malware and phishing. The increasing number of incidents due to weak cyber security, mainly on mobile devices, will once again increase the number of cyber incidents this year. A lack of cyber specialists and the increasing dependence of smaller companies on IT outsourcing are further fueling this trend,” explains Scott Sayce, Global Head of Cyber at Allianz Commercial.
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