Cyber risk ranked as the greatest concern for companies globally in 2022, according to the latest Allianz Risk Barometer.
Cyber perils topped the annual risk survey for just the second time in 11 years. Threats from ransomware attacks, data breaches, and major IT outages worried company leaders even more than business and supply chain disruptions.
Cyber incidents topped the Risk Barometer with 44% of respondents ranking it as the top risk, followed by business interruption (42%), and natural catastrophes ranked third (25%).
“Ransomware has become a big business for cyber criminals, who are refining their tactics, lowering the barriers to entry for as little as a $40 subscription and little technological knowledge,” Scott Sayce, Global Head of Cyber at Allianz, said in a news release. “The commercialization of cyber crime makes it easier to exploit vulnerabilities on a massive scale. We will see more attacks against technology supply chains and critical infrastructure.”
However, business interruption will remain a key risk theme in 2022.
“For most companies the biggest fear is not being able to produce their products or deliver their services. 2021 saw unprecedented levels of disruption, caused by various triggers,” Allianz CEO Joachim Mueller said in a statement.
According to the survey, the most feared cause of business interruption is cyber incidents. That reflects the rise in ransomware attacks and the impact of companies’ growing reliance on digital operations, including the shift to remote working.
In respondents’ view, natural catastrophes and the Covid pandemic were the two other significant business interruption triggers.
To download and read the full Allianz 2022 report click here.
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