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Cyber incidents and business interruption were ranked as the first and second most important corporate concerns for the year ahead for the second year in a row as macroeconomic developments and energy concerns rose sharply to the third and fourth positions, respectively.
Allianz surveyed 2,712 risk management experts from 94 countries and territories who were questioned during October and November 2022 for its survey, the report said.
Most answers, 1,281 respondents, or 47%, were for large-size companies with more than $500 million in annual revenue. Mid-size companies with between $250 million and $500 million in revenue contributed 519 respondents, 19%, while small-size enterprises with less than $250 million in revenue produced 912 respondents, 34%.
Both cyber and business interruption held their rankings from last year, but macroeconomic developments moved from 10th to third in just a year while energy-supply shortages and outages and price fluctuations, labeled “energy crises” in the ranking, was a new appearance on the list.
“Changes in legislation and regulation” held its fifth spot on the list as natural catastrophes slipped from third to sixth and climate change from sixth to seventh place.
The shortage of skilled workforce rose to eighth place from ninth while fire and explosion slid to ninth from seventh place. Political risks and violence rose to 10th from 13th last year to round out the top 10 concerns.
“For the second year in a row, the Allianz Risk Barometer shows that companies are most concerned about mounting cyber risks and business interruption. At the same time, they see inflation, an impending recession and the energy crisis as immediate threats to their business,” AGCS CEO Joachim Mueller said in a statement issued with the report.