What do companies fear most for 2024? The answer is clear: 36 percent of the more than 3,000 risk management experts surveyed worldwide cite cyber incidents as their top priority. This is shown by the Allianz Risk Barometer 2024. This means that the dangers of ransomware attacks, data breaches and IT failures not only remain the number one risk, but are even increasing their lead compared to the previous year. Business interruptions, which are also often triggered by such attacks, rank second among the most frequently cited risks at 31 percent. This is followed by other dangers such as natural disasters, which have made a big leap forward in the global risk assessment with 26 percent. Looking at Germany alone, according to the Allianz Risk Barometer, fear of cyberattacks and business interruptions are also at the top of the list here – followed by the risk of being affected by changes to laws and regulations such as sanctions or customs duties. It is also striking that the shortage of skilled workers in Germany already ranks fourth among business risks, while this risk only ranks tenth worldwide.
Ramon Weil, Founder and CEO of SECUINFRA, is not surprised by this clear result: “The threat of cyber attacks is constantly increasing and any company – regardless of size – can become a victim. In this respect, the risk management experts’ assessment is a realistic reflection of the situation.” Scott Sayce, Global Head of Cyber at Allianz Commercial, also warns that new technologies such as generative AI will lead to the acceleration of cyberattacks. He criticizes the sometimes weak cyber security, especially for mobile devices, and sees failures on the part of many companies: “A lack of cyber specialists and the increasing dependence of smaller companies on IT outsourcing are also fueling this trend.” Ramon Weil is therefore certain that all companies will have to invest even more in their IT security in future. “Companies that buck this trend and neglect their cyber defenses are putting their existence at risk,” says the security expert.
