Allianz Risk Barometer


Cyber incidents are rising fast


2024:


Cyber incidents such as ransomware attacks, data breaches, and IT disruptions are the biggest worry for companies globally in 2024, according to the Allianz Risk Barometer 2024 report.


Global trends overview


The closely interlinked peril of business interruption ranks second. Natural catastrophes are up from 6 to 3 year-on-year. Fire and explosion are up from 9 to#6). Political risks and violence move up from 10 to 8. These three concerns are the biggest risers in the latest compilation of the top global business risks, based on the insight of more than 3,000 risk management professionals.


Petros Papanikolaou, Allianz Commercial CEO, said, “The top risks and major risers in this year’s Allianz Risk Barometer reflect the big issues facing companies around the world right now – digitalization, climate change and an uncertain geopolitical environment.”


Large corporates, mid-size, and smaller businesses are united by the same risk concerns – they are all mostly worried about cyber, business interruption and natural catastrophes. However, the resilience gap between large and smaller companies is widening, as risk awareness among larger organizations has grown since the pandemic with a notable drive to upgrade resilience, the report notes.


“Many of these risks are already hitting home, with extreme weather, ransomware attacks and regional conflicts expected to test the resilience of supply chains


and business models further in 2024. Brokers and customers of insurance companies should be aware and adjust their insurance covers accordingly”, continued Petros Papanikolaou.


THE REPORT | MAR 2024 | ISSUE 107 | 103


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