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Business Risk — A 2020 Survey

Posted By Administration, Tuesday, February 18, 2020

The annual Allianz Risk Barometer is out. Businesses check in and tell Allianz researchers what their worries are for the year. For the first time in the survey’s history cyber incidents hit the top of the list.

It pushed business interruption off of the top.

The survey checked in with 2,718 respondents from 102 nations and territories. They include:

Brokers
Industry trade organizations
Risk consultants
Underwriters
Senior managers
Claims experts

They were asked for the top three risks and how they will impact business this year and into the future.

39% who voted worry about cyber attacks
37% worry about business interruption

And to put cyber risk in perspective, seven years ago cyber ranked 15th on the list and only 6% worried about cyber attacks.

Here is the list:

1. Cyber Incidents — cybercrime, IT failure/outage, data breaches, fines & penalties
2. Business interruption. That includes supply chain disruption.
3. Changes in legislation and regulation — trade wars and tariffs, economic sanctions, protectionism, Brexit, Euro-Zone disintegration.
4. Natural catastrophes.
5. Market development — volatility, intensified competition/new entrants, M&A, market stagnation, market fluctuation.
6. Fire, explosions.
7. Climate change.
8. Loss of reputation or brand value.
9. New technologies — impact of artificial intelligence, autonomous automobiles, 3D printing, Internet of Things, nanotechnology, blockchain.
10. Macroeconomic developments — monetary policies, austerity programs, commodity price increases, deflation, inflation.

Source link: PropertyCasualty360.com

Tags:  2020 business concerns  Allianz  Allianz Risk Barometer  Business risk  Cyber risk top business concern  survey 

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