Allianz Risk Barometer 2025: Cyber Incidents Top the List of Global Business Threats

The Allianz Risk Barometer has unveiled the top business risks for 2025, as identified by 3,778 risk management experts across 106 countries. The annual survey, which captures the pulse of corporate concerns worldwide, highlights a shifting risk landscape influenced by technological, environmental, and regulatory factors.

Cyber incidents remain the leading risk for businesses, with 38% of respondents identifying it as their top concern. This marks a record 7% lead over other risks, underscoring the growing threat posed by cyberattacks. Meanwhile, advancements in artificial intelligence and new technologies have made their debut in the top 10 global risks, ranking at #10.

Closely tied to the cyber threat, business interruption claims the #2 spot, reflecting the cascading effects of digital disruptions. Natural catastrophes follow at #3, as extreme weather events and ecosystem degradation increasingly disrupt global operations. Climate change, a rising priority, climbed to #5—the highest position it has achieved in the survey’s 14-year history.

Changes in legislation and regulation hold steady at #4, driven by evolving sustainability requirements and emerging technological standards.

What stands out in this year’s Allianz Risk Barometer is the interconnectivity of the top risks. A change in one – or indeed a mitigating action – might have a knock-on effect on another, and another. Climate change,  emerging technology, regulation and geopolitical risks are increasingly intertwined, resulting in a complex network of cause and effect.

– Michael Bruch, Global Head of Risk Advisory Services, Allianz Commercial

Cyber is the new top risk. Shortage of skilled workforce (#9) and macroeconomic developments (#10) are new entries in the top 10.

– Excerpt on South Africa’s Top Concern from the Report