Cyber incidents, including cybercrime, IT disruptions, malware, ransomware, and data breaches, have been identified as the leading global business risk for 2025, according to the latest Allianz Risk Barometer. This marks the fourth consecutive year that cyber risks have claimed the top spot, underscoring their growing impact on businesses worldwide.
Cyber Risks Dominate the Risk Landscape
The survey, which gathered insights from 3,778 respondents across 106 countries and territories, found that 38% of participants cited cyber incidents as the most significant business risk. This is an increase from 36% in the previous year.
Rishi Baviskar, global head of cyber risk consulting at Allianz Commercial, highlighted the role of advancing technology in amplifying cyber risks. “Cyber risk, exacerbated by rapid development of artificial intelligence, 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,” he said in the report.
Business Interruption and Natural Catastrophes Also High on the List
Business interruption, often linked to supply chain disruptions, retained its position as the second-highest risk, cited by 31% of respondents—unchanged from last year. Natural catastrophes climbed to third place, with 29% of respondents identifying them as a major concern, up from 26% in 2024.
Shifts in Regulatory and Climate Concerns
Changes in legislation and regulation moved up to fourth place, mentioned by 25% of respondents, a notable increase from 19% last year. Climate change rose to fifth, cited by 19%, while macroeconomic developments dropped to seventh with 15%, down from 19%.
Other Emerging Risks
Fire and explosion held steady in sixth place, with 17% of respondents marking it as a key concern, down slightly from 19%. Meanwhile, market developments and political risks tied for eighth at 14%, and new technologies entered the top 10 for the first time, cited by 10% of respondents, up from 9% last year.
Interconnected Risks Define 2025
Vanessa Maxwell, Allianz Commercial’s chief underwriting officer, emphasized the interconnected nature of this year’s top risks. “What stands out this year is the interconnectivity of the top risks. Climate change, emerging technology, regulation, and geopolitical risks are increasingly intertwined, resulting in a complex network of cause and effect,” she noted.
A Complex and Evolving Risk Landscape
The findings of the Allianz Risk Barometer highlight the increasingly complex and interconnected challenges businesses face today. As organizations navigate a world shaped by technological advances, regulatory changes, and climate concerns, addressing these risks will require coordinated efforts and proactive strategies.