Security News > 2022 > January > Cyber risks top worldwide business concerns in 2022

Cyber perils are the biggest concern for companies globally in 2022, according to the Allianz Risk Barometer.

Cyber incidents tops the Allianz Risk Barometer for only the second time in the survey's history, Business interruption drops to a close second and Natural catastrophes ranks third, up from sixth in 2021.

"Ransomware has become a big business for cyber criminals, who are refining their tactics, lowering the barriers to entry for as little as a $40 subscription and little technological knowledge. The commercialization of cyber crime makes it easier to exploit vulnerabilities on a massive scale. We will see more attacks against technology supply chains and critical infrastructure," explains Scott Sayce, Global Head of Cyber at AGCS. Business interruption ranks as the second most concerning risk.

"There is a growing willingness among top management to bring more transparency to supply chains with organizations investing in tools and working with data to better understand the risks and create inventories, redundancies and contingency plans for business continuity," says Maarten van der Zwaag, Global Head of Property Risk Consulting at AGCS. Pandemic preparations improve.

"The pressure on businesses to act on climate change has increased noticeably over the past year, with a growing focus on net-zero contributions," observes Line Hestvik, Chief Sustainability Officer at Allianz SE. "There is a clear trend for companies towards reducing greenhouse gas emissions in operations or exploring business opportunities for climate-friendly technologies and sustainable products. In the coming years, many corporate decision-makers will be looking even more closely at the impact of climate risks in their value chain and taking appropriate precautions. Many companies are building up dedicated competencies around climate risk mitigation, bringing together both risk management and sustainability experts."

Respondents rank this as a top five risk in the engineering, construction, real estate, public service and healthcare sectors, and as the top risk for transportation.

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