Security News > 2024 > January > 2024 brings new risks, with cyber incidents in the spotlight

Natural catastrophes, fire, explosion, and political risks and violence are the biggest risers in the latest compilation of the top global business risks.

In the United States, cyber has replaced business interruption as the leading risk for the year ahead. Natural catastrophes rose to the third spot.

Allianz Commercial CEO Petros Papanikolaou comments on the findings: "The top risks and major risers in this year's Allianz Risk Barometer reflect the big issues facing companies around the world right now - digitalization, climate change and an uncertain geopolitical environment. Many of these risks are already hitting home, with extreme weather, ransomware attacks and regional conflicts expected to test the resilience of supply chains and business models further in 2024. Brokers and customers of insurance companies should be aware and adjust their insurance covers accordingly."

Cyber incidents rank as the most important risk globally for the third year in a row - for the first time by a clear margin.

"Cybercriminals are exploring ways to use new technologies such as generative AI to automate and accelerate attacks, creating more effective malware and phishing. The growing number of incidents caused by poor cyber security, in mobile devices in particular, a shortage of millions of cyber security professionals, and the threat facing smaller companies because of their reliance on IT outsourcing are also expected to drive cyber activity in 2024," explains Scott Sayce, Global Head of Cyber, Allianz Commercial.

Net zero transition risks and liability risks are expected to increase in future as companies invest in new, largely untested low-carbon technologies to transform their business models.

News URL

https://www.helpnetsecurity.com/2024/01/23/cyber-incidents-risk-for-companies/