Cyber incidents such as data breaches or ransomware attacks, and IT disruptions, like the CrowdStrike incident, are the biggest worry for companies globally in 2025, according to the latest Allianz Risk Barometer.

Business interruption is also a main concern for companies of all sizes, ranking second, with natural catastrophe and rising geopolitical tensions also featuring high on the list of concerns. However, the biggest riser is climate change which has risen to fifth in the list of perceived threats.

Large corporates, mid-size, and smaller businesses all see cyber incidents as their top business risk. However, there are significant differences in the rest of the ranking. Smaller companies are more concerned about more localized and immediate risks, such as regulatory compliance, macroeconomic developments and skill shortages, but there are also signs that some of the risks that have preoccupied larger companies are now starting to bite smaller firms too, with climate change and political risks and violence climbing the ranking.

Vanessa Maxwell, chief underwriting officer at Allianz Commercial, said: “2024 was an extraordinary year in terms of risk management and the results of our annual Allianz Risk Barometer reflect the uncertainty many companies around the globe are facing right now.

“What stands out this year is the interconnectivity of the top risks. Climate change, emerging technology, regulation and geopolitical risks are increasingly intertwined, resulting in a complex network of cause and effect. Businesses need to adopt a holistic approach to risk management and consistently strive to enhance their resilience in order to address these fast-evolving risks.”

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