Cyber, BI rank highest risks: Allianz

Cyber incidents and business interruption rank as the biggest company concerns for the second year in succession, according to this year’s Allianz Risk Barometer. However, it is macroeconomic developments such as inflation, financial market volatility and a looming recession as well as the impact of the energy crisis which are the top risers in this year’s list of global business risks, as the economic and political consequences of the world in the aftermath of Covid-19 and the Ukraine war take hold.

Such pressing concerns call for immediate action from companies, explaining why both natural catastrophes and climate change drop in the annual rankings, as does pandemic outbreak as vaccines have brought an end to lockdowns and restrictions. Political risks and violence is another new entry in the top 10 global risks at rank 10, while shortage of skilled workforce rises to rank eight. Changes in legislation and regulation remains a key risk at fifth rank, while fire/explosion drops two positions to ninth rank.