- Allianz survey finds cybersecurity is the most common business concern
- Businesses are also worried about interruptions and new technologies
- AI could help give us better data analytics and insights
Insurance giant Allianz has revealed cyberattacks such as data breaches, ransomware and other IT disruptions, are now considered to be many businesses’ primary concern.
The news comes as the number of cyberattacks continue to rise globally amid ongoing geopolitical fallout and advancements in artificial intelligence, which has increased the accessibility of malware to more attackers.
Other noteworthy factors seen to be putting companies at risk include business interruption (31%), changes in legislation and regulation (25%) and new technologies (10%).
Businesses are worried about cybersecurity
Cited as a primary concern for 38% of global survey participants, cyber incidents are a bigger cause for concern in the UK, where 41% of companies expressed anxiety. A further 19 countries cited cybersecurity as their main concern, including France, Germany, India and the US.
Moreover, the second-most popular concern, business interruption, could also include the consequences of cyber incidents, which makes the risk even larger than the figures suggest.
“For many companies, cyber risk, exacerbated by rapid development of artificial intelligence (AI), is the big risk overriding everything else. It is likely to remain a top risk for organizations going forward, given the growing reliance on technology,” noted Allianz Commercial Global Head of Cyber Risk Consulting Rishi Baviskar.
Around halfway through 2024 we saw how our reliance on technology can cause major disruptions – a faulty Crowdstrike update caused an outage which took millions of Windows Server devices offline.
Looking around, conflict in the Middle East, Ukraine and Southeast Asia is continuing to affect larger organizations; the category also made its first appearance in the top 10 list of threats faced by small and medium-sized businesses.
Allianz says that, although rapid technological developments can be frightening, they can help deliver “better data analytics, predictive insights and more agile response capabilities.”