For Allianz, computer attacks are the # 1 risk

Allianz publishes its annual risk barometer for businesses and for the first time, cyber risk takes first place, far ahead of natural disasters and political changes.

News in 2019 has been marked by ransomware attacks and at first sight, this should not change in 2020. The numerous episodes of attacks reported last year have at least enabled business leaders to become aware the importance of risks in terms of IT security: the annual risk barometer published by Allianz thus put cyber risk at the top of the list of the main risks faced by companies.

Cited by 39% of respondents, cyber risk (cyber incident) covers different types of threats: we thus find data leaks, but also ransomware and fraud against presidents. Allianz also brings together in this category the legal risks linked to data fraud, which can give rise to group actions which can cost the company much more than the data leak itself. The authors of the study thus cite the sums paid by Equifax to settle the legal proceedings brought by the victims had seen their data stolen following the hacking of the company: 700 million dollars in total, a significant cost.

Progressive awareness

Cyber ​​risk is cited first by respondents in several countries: the United States, Spain, the United Kingdom and France. It is also present in the top 3 of many countries. In France, cyber risks steal first place for breakdowns ("business interruption") and fire risks.

If this is the first time that this risk has won the first position in the ranking, it has been identified for a long time by respondents: since 2016, this risk has remained within the top three and has shown constant progression for several years. In 2013, it was still in the 15th position, cited by only 6% of respondents.

The Allianz survey questions just over 2,700 people, including Allianz customers, insurance brokers, and organizations bringing together different companies in the same sector. Respondents come from 102 different countries and belong to 22 industrial sectors. Most of the companies interviewed range from very small businesses to large accounts.