Cyber and BI top threats as economic and energy risks rise – report

Cyber incidents and business interruption rank as the greatest concerns for the second year in succession, according to Allianz’s latest Risk Barometer, with macroeconomic developments such as inflation, financial market volatility, a looming recession and the impact of the energy crisis the fastest risers in this year’s list.

Natural catastrophes and climate change drop in the latest 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 #10, whilst shortage of skilled workforce rises to #8. Changes in legislation and regulation remains a key risk at #5, while fire/explosion drops two positions to #9.

AGCS’ chief executive officer Joachim Mueller said: “Companies – in Europe and in the US in particular – worry about the current ‘permacrisis’ resulting from the consequences of the pandemic and the economic and political impact from ongoing war in Ukraine. It’s a stress test for every company’s resilience.

“The positive news is that as an insurer we see continuous improvement in this area among many of our clients, particularly around making supply chains more failure-proof, improving business continuity planning and strengthening cyber controls. Taking action to build resilience and de-risk is now front and center for companies, given the events of recent years.

In 2023, the top four risks in the Allianz Risk Barometer are broadly consistent across all company sizes globally, as well as across core European economies and the US (energy crisis excepted).

Risk concerns for businesses in Asia-Pacific and African countries show some deviation, reflecting the different impact of the ongoing war in Ukraine and its economic and political repercussions.

The 12th annual report from Allianz Global Corporate & Specialty incorporates the views of 2,712 risk management experts in 94 countries and territories including CEOs, risk managers, brokers and insurance experts.

See the next issue of CIR Magazine for more on this report.

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Deborah Ritchie speaks to Chief Inspector Tracy Mortimer of the Specialist Operations Planning Unit in Greater Manchester Police's Civil Contingencies and Resilience Unit; Inspector Darren Spurgeon, AtHoc lead at Greater Manchester Police; and Chris Ullah, Solutions Expert at BlackBerry AtHoc, and himself a former Police Superintendent. For more information click here

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