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Our Greatest Risk Today

What do you believe is one of the greatest threats to your business today? Is it still the COVID-19 pandemic? Or are there bigger barriers your company faces? Even with the risks that have come because of the pandemic and broken supply chains, a new report shows there is still a greater danger for many businesses today.

Cyber concerns are the biggest worry for companies in 2022, according to the Allianz Risk Barometer. The annual survey from AGCS (Allianz Global Corporate & Specialty) incorporates the views of 2,650 experts in 89 countries and territories, including CEOs, risk managers, brokers, and insurance experts.

Here is what has companies worried: the threat of ransomware attacks, data breaches, or major IT outages. This is only the second time in the survey’s history that cyber incidents topped this list, demonstrating how the rise in cyber hacks is causing much disruption across the world.

These attacks can wreak havoc for nearly every organization today. The research suggests recent incidents have shown worrying trends such as ‘double extortion’ tactics combining the encryption of systems with data breaches. What’s more, exploiting software vulnerabilities potentially affect thousands of companies and our physical infrastructure.

Coming in a close second on the Allianz Risk Barometer is business interruption, followed by natural catastrophes in third, which moves up from sixth in 2021. Outbreaks caused by the pandemic drop from second to fourth this year. The report shows while the COVID-19 crisis continues to overshadow the economic outlook in many industries, encouragingly, businesses do feel they have adapted well. The majority of respondents (80%) believe they are adequately or well-prepared for a future incident.

Could this signal we are finally moving beyond the pandemic and looking to tackle large hurdles out on the horizon? The rise of natural catastrophes and climate change to the third and sixth positions, respectively, is very telling to where we are headed.

Allianz Risk Barometer respondents are most concerned about climate-change related weather events causing damage to corporate property (57%), followed by BI and supply-chain impact (41%). However, they are also worried about managing the transition of their businesses to a low-carbon economy (36%), fulfilling complex regulation and reporting requirements and avoiding potential litigation risks for not adequately taking action to address climate change (34%).

Perhaps now is the time to focus on bigger risks—beyond the pandemic. Cyber, climate, and natural disasters need to become a greater priority for all businesses if we are going to be successful in the years ahead. What do you believe is the greatest risk to your company?

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