Cyber incidents have retained their position as the number one risk facing businesses in Europe during 2021, with business interruption (BI) in second place and pandemic outbreak third, finds a poll of risk experts and business leaders by Allianz Global Corporate & Specialty (AGCS).
BI’s
position is unchanged from last year, while pandemics are a new entry in the
top ten risks identified by the Allianz Risk Barometer 2021. The barometer
surveyed more than 2,700 experts in 92 countries and territories, including
risk managers, CEOs, brokers and insurance experts.
Globally,
cyber incidents slipped from the top-ranked risk to third position, but it
remains the top business risk in Europe. Respondents from France, Belgium,
Denmark, Italy, Spain and Sweden all named cyber incidents as the top threat to
their business this year.
The
barometer finds that data breaches are rated the top cyber exposure for
European firms, followed by IT vulnerability due to remote working in the
pandemic.
Survey
respondents in most European countries, particularly those in western Europe,
ranked the top three risks identified by global participants – BI, pandemic
outbreak and cyber incidents – in their top three.
BI
was named as the top risk facing European firms in Germany, Austria, Denmark,
the Netherlands and Switzerland, while pandemic outbreak, which ranked second
in the global poll, was the number one risk for businesses in the UK, Portugal,
Poland, Greece and Croatia.
The
same three core risks featured strongly in global industry sector rankings.
Pandemic outbreak took the number one slot for aviation, marine, entertainment
and hospitality. BI topped the poll for engineering and remained the number one
risk for manufacturing, chemicals and pharmaceuticals, food and oil and gas.
Cyber remained the number one risk for financial services and government/public
services, and took the top slot for power and utilities businesses.
Allianz
Risk Barometer 2021: Top ten European business risks (2020 ranking in
brackets):
Cyber
incidents (1)
Business
interruption (2)
Pandemic
outbreak (new to top ten)
Changes
in legislation and regulation (3)
Market
developments (4)
Natural
catastrophes (6)
Fire,
explosion (5)
Climate
change/increasing volatility of weather (9)
Macroeconomic
developments (10)
New
technologies (8)
CRE
© Commercial Risk Europe
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