(www.MaritimeCyprus.com) The top risks in this year’s Allianz Risk Barometer reflect the big issues facing companies right now – digitalization, climate change and an uncertain geopolitical environment. Many of these risks are already hitting home, with extreme weather, ransomware attacks and regional conflicts testing the resilience of supply chains and business models. The fast pace of change, and the growing interconnected nature of risk, likely necessitates a shift up in gear for many companies when it comes to risk management.
Cyber incidents is the top global risk in the Allianz Risk Barometer – for the first time by a clear margin (36% of responses, 5 percentage points ahead). It ranks as the risk of most concern in the Americas, Africa and Middle East, Asia Pacific, and Europe regions, and across all company sizes, large (>US$500mn annual revenue), mid-size ($100mn+ to $500mn), and smaller (<$100mn), for the first time as well. Cyber is the cause of business interruption that companies fear most, while cyber security resilience is their most concerning environmental, social, and governance (ESG) risk issue.
It is also the top company concern across a wide range of industries including consumer goods, financial services, government, public services, healthcare, leisure and tourism, media, professional services, technology, and telecommunications. Cyber threats are constantly evolving as hackers and criminals gain access to new technologies or find new ways to exploit old vulnerabilities. Hackers are beginning to use artificial intelligence (AI) powered language models to increase the speed and scope of ransomware attacks, as well as create new malware and produce highly convincing phishing emails and deep fakes. Such attacks are likely to proliferate during 2024.
For more intriguing details, you can request a copy of the Allianz Risk Barometer 2024, below: