APA ots news: Allianz Risk Barometer: Cyber attacks as the top global risk in 2024 – BILD
Vienna (APA-ots) –
* 36 percent of those surveyed mention data breaches and attacks
critical infrastructure or assets and increased
Ransomware attacks as the biggest risks.
* Business interruptions again in second place at 31 percent.
* Natural disasters make the biggest jump, landing at 26 percent
in 3rd place.
* The top 3 business risks in Austria are 1. cyber attacks,
2. macroeconomic developments such as inflation and 3.
Business interruptions, for example due to bottlenecks in supply chains.
The energy crisis only landed in second place after being ranked second last year
8th.
Cyber incidents such as ransomware attacks, data breaches and IT outages
are the biggest risk for companies worldwide this year. The
Closely linked, general operational interruptions follow
Second place, while natural disasters from 6th to 3rd place in
Jump year-on-year comparison. Also fire and explosions (from 9 to 6)
and political risks and violence (from 10 to 8) are in this year’s
[Allianz Risk Barometer] (https://go.ots.at/olZLTspr) further ahead.
More than 3,000 risk experts were selected for the current edition
92 countries were surveyed about their top corporate risks.
Austria
Austrian study participants identified themselves as already
In the previous year, cyber attacks were the top risk. There will be an energy crisis in 2023
still in second place as a determining topic, this year it was moved to 8th place.
Space displaced and by macroeconomic developments such as
Inflation, deflationfinancial policy decisions and
Austerity programs replaced (2023: 4th place). Worries have also advanced
due to changes in laws and regulations such as
Sanctions or tariffs (4th place, 2023: 10th place). climate change and
Natural disasters remain dominant topics in 5th and 6th place.
“Natural disasters are once again among the greatest risks. Storms,
Droughts, floods and climate-related fires are also in
Austria has become a reality. The same applies to companies here
to take precautions. On the other hand, we need
Regulations that provide good natural disaster coverage for insurers
make possible. An integration into fire insurance according to the
“The Belgian model seems very sensible against this background,”
emphasizes Rémi Vrignaud, CEO of Allianz in Austria.
Petros Papanikolaou, CEO of Allianz Commercial, comments
global results: “The top risks and biggest movers in the
This year’s risk barometer reflects the major challenges –
digitalizationclimate change and an uncertain geopolitical environment
– reflected by companies around the world
have to deal with. Many of these risks are already in the
respective home markets. Extreme weather events,
Ransomware attacks or regional conflicts put a strain on this
Resilience of supply chains and business models also in
this year. Brokers and customers of insurance companies should
Therefore, be vigilant and adjust your coverage accordingly.”
Companies of all sizes worldwide share the same concerns:
Cyber attacks, business interruptions and natural disasters
at the top of the list of top risks. Despite being identical
Risk perception increases the gap between large and
small companies with regard to their resilience. The
Corona pandemic has particularly caused increased costs for large companies
Risk awareness and associated measures to increase
Resilience raises awareness. Smaller companies often don’t have the time
nor the resources to handle a larger number of risk scenarios
develop and prepare effectively for it. Subsequently
It takes longer for them to do business after an unexpected event
to get the incident back on track.
Zwtl.: Cyber security remains the undisputed top risk in 2024
Cyber incidents (36 percent) are for the third time in a row and
for the first time with a clear gap of five percentage points
Main risk for companies. In 17 countries, including Australia,
Germany, France, India, Japan, Great Britain, the USA and
Experts also classify Austria as a danger from cyber attacks
greatest risk. 59 percent of those surveyed cited data breaches as
the most worrying threat ahead of attacks on critical ones
Infrastructure or assets with 53 percent. Ransomware attacks
also do more than half of the companies, as they are in the
increased significantly last year. Claims will occur in 2023
increased by more than 50 percent compared to 2022.
“Criminals are always looking for ways and means to use new technologies, such as
Generative AI to automate and accelerate attacks
with more effective malware and phishing. The rising one
Number of incidents due to weak cyber security,
mainly for mobile devices, will be the case again this year
Increase the number of cyber incidents. Lack of cyber specialists and the
Increasing dependence of smaller companies on IT outsourcing
are further fueling this trend,” explains Scott Sayce, Global Head
of Cyber at Allianz Commercial.
Temporary: Business interruptions and natural disasters
Companies in trouble
There are disruptions to supply chains after the corona pandemic
has become rarer, but business interruptions still remain at 31
percent is the second largest risk for companies. This result
illustrates the numerous interconnections in one
more volatile world and the high dependency on supply chains
critical products or services. Applies to companies
therefore, their risk management priorities in 2024
Ensuring business viability, identifying
Bottlenecks in the supply chain and the development of alternative suppliers
should lie.
Natural disasters are rising in this year’s Global Risk Barometer
with 26 percent from 6th to 3rd place (Austria: 6th place) and are therefore
one of the biggest climbers. 2023 was one in many ways
Record year: For example, it was the hottest year since the beginning of the
Records. In addition, insurance losses exceeded the fourth
Reaching the $100 billion mark for the first time in a row. 60 billion alone
US dollars are at the expense of violent storms.
Natural disasters are the top risk in many different countries
Countries worldwide affected by extreme weather conditions such as Greece,
Hong Kong, Croatia, Malaysia, Morocco, Mexico, Slovenia, Thailand
and Hungary. A forest fire near Alexandroupolis in
Greece last year was the largest ever recorded
Natural disaster in the EU. Floods in Slovenia caused
major disruptions in supply chains. Especially European ones
As a result, car manufacturers and suppliers were involved
to combat production delays and component bottlenecks.
Zwtl.: Regional differences in risk perception
Although climate change remains in seventh place at 18 percent
Ranking remains, he is in Brazil, Greece, Mexico and the
Türkiye is among the top three risks. Physical damage
Company values caused by extreme weather events are the ones here
main threat. Particularly affected are utilities, energy and…
Industrial companies. It is to be expected that corporate risks
On the way to climate neutrality and liability risks will increase,
because companies invest a lot of money in new, often hardly proven technologies
have to invest in low CO2 emissions in order to improve their business model
transform.
Due to the ongoing conflicts in the Middle East and Ukraine
as well as tensions between the US and China, political ones are climbing
Risks and violence from 8th to 10th place with 14 percent. The upcoming
Super election year in which more than 50 percent of the world’s population voted
The ballots are called also offers a high level
Risk potential. Particular attention is paid to the elections in
the USA, India, Russia and Great Britain. Dissatisfaction with that
Election outcome, in connection with general economic
Insecurity, high cost of living and high prevalence of
Fake news via social media can, in the worst case scenario, lead to further damage
social polarization and increased potential for conflict worldwide
lead.
However, there is also reason for hope among those surveyed.
Macroeconomic developments are falling after the sometimes violent ones
economic swings of the Covid years with 19 percent of space
3 to 5. However, many economic factors remain
challenges ahead. Data from Allianz Research shows that the
Growth prospects are mixed and will hardly be more than 2024 worldwide
a two percent growth is expected.
“Weak growth is a necessary evil because
high inflation rates will finally be a thing of the past,” explains
Ludovic Subran, chief economist at Allianz. “Central banks get one
greater scope for design, so that lower interest rates in the second
half-year are likely. This comes at the right time because
There will probably be no stimulus from fiscal policy. could be a hindrance
the numerous elections this year and those associated with them
There may be risks depending on the outcome of the election.”
Globally, the shortage of skilled workers is 12 percent
and 10th place (previously 8th) as a lower risk compared to
Estimated in 2023. This is also the case in Austria, where there is a shortage of skilled workers
After 4th place last year, it is in 6th place this year. However, there is
definitely regional differences: companies in Germany, Central
and Eastern Europe, Great Britain and Australia cite the shortage
Skilled workers as a top 5 risk. In many countries it is
Unemployment rates remain at lows and companies are bidding
There are far more positions available than there are applicants to fill them
occupy. IT and data experts are particularly difficult to find
which is a big step in the fight against cybercrime
represents problem.
You can find the entire ranking [hier]
(https://go.ots.at/kfz9tHCa).
Twtl.: About the Allianz Risk Barometer
The [Allianz Risk Barometer] (https://go.ots.at/5kJxXywL) is one
annual ranking of corporate risks published by
Allianz Commercial in collaboration with other Allianz entities
is created. The study contains the reviews of 3,069
Risk management experts, including CEOs, risk managers,
Brokers and insurance experts from 92 countries and will
published for the 13th time this year.
You can find image(s) for this broadcast in the AOM / original image service
as well as in the OTS image archive at http://bild.ots.at
Inquiry note:
Dr. Thomas Gimesi
Press spokesman for Allianz Austria
+43 676 878 222 914
Digital press kit: http://www.ots.at/pressemappe/396/aom
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OTS0053 2024-01-16/10:35