Cyber incidents this year’s leading global business risk: Allianz survey

Cyber incidents — including cybercrime, IT network and service disruptions, malware and ransomware, data breaches, fines and penalties — comprise the leading global business risk for 2025, according to the annual Allianz Risk Barometer, released Wednesday.

Cyber retained the No. 1 spot for the fourth year in a row, this year being named by 38% of respondents, up from 36% last year.

The 14th annual Allianz Risk Barometer incorporates the views of 3,778 respondents from 106 countries and territories. Respondents were questioned during October and November 2024.

“Cyber risk, exacerbated by rapid development of artificial intelligence, is the big risk overriding everything else. It is likely to remain a top risk for organizations going forward, given the growing reliance on technology,” Rishi Baviskar, global head of cyber risk consulting at Allianz Commercial, said in a statement with the report.

Business interruption, such as supply chain disruption, ranked second, same as last year. It was named by 31% of respondents, also the same as last year.

Natural catastrophes held third spot on the list, mentioned by 29%, up from 26% last year. Changes in legislation and regulation ranked fourth, cited by 25% of respondents, up from 19% last year.

Climate change climbed to fifth with 19%, up from 18% last year and trading places with macroeconomic developments in seventh place at 15%, down from 19% last year.

Fire, explosion held sixth place, cited by 17%, down from 19% last year.

Market developments and political risks and violence tied at 14%, and new technologies broke into the top 10 with 10%, rising from 12th last year with 9%.

“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,” Allianz Commercial Chief Underwriting Officer Vanessa Maxwell said in the statement.