Risk barometer

Cyberattacks are the biggest threat to companies

Cyber attacks ranked first among the biggest business risks worldwide, ahead of business interruptions and natural disasters.

(Bild: nuclear_lily - stock.adobe.com)

Criminal hackers, natural disasters, political risks and climate change are a growing concern for companies worldwide. In Allianz's annual risk barometer, cyberattacks are the number one business risk, as in the previous year. Austrian companies see business interruptions as the greatest risk.

While 36% of the 3,778 managers and security experts surveyed in 106 countries feared hacker attacks last year, this time it was 38%. Closely related to this is the shutdown of operations caused in a number of cases by cyber attacks in second place, which, as in the previous year, worries 31%. In the case of natural disasters, the proportion of those concerned rose by three percentage points to 29%. According to Allianz, this reflects the increasing damage caused by natural disasters.

Austrian companies fear business interruptions
From the perspective of Austrian companies, business interruptions and natural disasters in particular pose major risks. Climate change, on the other hand, which is actually closely associated with this, only came in eighth place, dropping three places compared to the previous year. In contrast to the global risk ranking, cyber attacks only achieved third place in this country. "The extreme weather events in September 2024 have made companies much more aware of the risk posed by natural disasters," said Daniel Matić, CEO of Allianz Austria, according to the press release.

Business risk from politics and authorities
The change is particularly clear when it comes to regulation - meaning, for example, customs duties and protectionism, but also environmental regulations. A year ago, 19 percent of companies worldwide saw this as a major business risk, this time it is already 25 percent. Climate change moved up to fifth place in the global ranking, with just under a fifth of participants (19%) rating it as a top business risk. 

Cyber attacks are considered the biggest business risk worldwide.

(Bild: Allianz)

Artificial intelligence also helps cyber criminals
For the fourth year in a row, cyber attacks are now in first place as the biggest risk for companies. Hackers are also benefiting from the rapid progress in information technology: "Artificial intelligence is also being used by criminals," said Jens Krickhahn, Head of Cyber Insurance at Allianz Commercial.

Artificial intelligence or even networked or autonomous machines in themselves are now generally seen by some managers as a potential threat to their own company: "New technologies" landed in tenth place among the top risks for the first time.

No longer represented in the top ten list is a topic that played a major role just a few years ago: the fear of an impending pandemic.