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Cyber leads global business risks for the first time

In the digital era, corporate data has become a key competitive asset. As a result, cybersecurity threats pose new global business risks.

For the first time ever, the Allianz Global Corporate & Specialty annual survey on global business risks ranked cyber incidents as the most important business risk in the world. Business interruption and changes in legislation and regulation ranked second and third, respectively.

Seven years ago, cyber ranked 15th with just 6% of responses, but today cyber incidents have become a major expense for businesses, resulting in costly lawsuits and litigation.

Climate change has also risen to its highest-ever position on the Allianz Risk Barometer. This is the result of concerns about increasing physical losses caused by rising seas, droughts, storms and flooding. 

Source: https://www.insurance-canada.ca/2020/01/16/allianz-cyber-business-risk-barometer/