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The 10 Top Risks For Companies

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The 10 Top Risks For Companies
The 10 Top Risks For Companies

Video: The 10 Top Risks For Companies

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German companies are most afraid of cyber risks such as IT failures, espionage and data misuse, according to the Allianz Risk Barometer 2017. Cyber ​​incidents have moved from third place in Germany to the top position in the annual corporate risk ranking and are also among the top worldwide -3 risks. German companies are also critical of business risks from the current market environment (3rd place).

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Political risks such as terrorism and the fear of the disintegration of the euro zone are among the ten most important risks in Germany for the first time. Impending losses from business interruptions are considered the most important corporate risk worldwide for the fifth year in a row and also remain in second place in Germany.

Companies see 2017 as a year of uncertainty

The sixth Allianz Risk Barometer 2017 examines the most important risks for companies worldwide, for individual regions and countries as well as selected industries. This time over 1200 experts from various companies and the Allianz Group from a total of 55 countries took part in the annual survey carried out at the end of 2016.

"Companies are preparing for a year of uncertainty," said Chris Fischer Hirs, CEO of Allianz Global Corporate & Specialty SE (AGCS SE), the Allianz Group's industrial insurer.

“Unpredictable legal, political and market-relevant developments are always on the agenda of risk managers and board members. In addition to permanent threats such as fire and natural disasters, new dangers are developing that require a rethink in the monitoring and management of risks."

Data, patents and specific knowledge are increasingly being targeted by cybercriminals

These new risks primarily include cyber incidents, which are number 3 in the risk ranking worldwide, have risen to number 2 in Europe and the USA, and have even reached number 1 for the first time in Great Britain and Germany. Cyber ​​incidents are considered a top risk especially in the information and telecommunications industry as well as in retail.

"In Germany and Europe, we see increased legislative activities and increasing awareness on the part of management. More and more companies are developing targeted cyber defense strategies,”explains Andreas Berger, AGCS board member and regional CEO of AGCS Central and Eastern Europe.

The threat posed by cyber risks goes hand in hand with the technological shift towards a digital economy in which intangible assets play an increasingly important role:

Data, patents and specific knowledge are increasingly being targeted by cybercriminals. Cyber ​​incidents now go far beyond hacker attacks and data misuse and endanger digitally networked companies in two ways:

Not only can they become victims themselves, they can also be indirectly affected if critical infrastructure facilities such as telecommunications, electricity or water are attacked and paralyzed. In addition to cybercrime, technical or human error can also cause major system and operational failures: In an Industry 4.0 production world, a data processing error can bring production to a standstill.

Business interruptions such as fire are among the top risks

Business interruptions (BU) have been leading the Allianz Risk Barometer unchanged for five years (37% of responses worldwide). BUs due to a fire, explosion, or natural disaster can result in large financial losses for businesses. New triggers are increasingly coming into focus, which can shutdown operations without causing any material damage, or at least result in lost sales - for example cyber attacks, strikes, political violence and terrorist attacks or supplier failures.

The digital networking of companies, supply chains and machines exacerbates the effects of BU because they can quickly spread over a large area from one company to regions or industries and can cause breakdowns in many places.

Market developments and regulatory environment

Market developments (31% of responses worldwide) are the second most important corporate risk worldwide in 2017, and they rank third in Germany. In the aviation, financial services, shipping and transport sectors, market developments are even considered the greatest business risk.

The regulatory environment is also of great importance to the German economy. In order to be able to react in time to unexpected legal changes (4th place in the German ranking), companies have to monitor political projects and their implementation more closely and use more resources.

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Content of the article:

  • Page 1: The 10 top risks for companies
  • Page 2: Risks from Brexit, Trump and the Eurozone

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