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Companies, mostly concerned in 2024 by the increase in cyber incidents

16 January 2024
General Interest

Cyber incidents such as ransomware attacks, data breaches and IT disruptions are the biggest concern of companies globally for 2024, according to the results contained in the 13th edition of the Allianz Risk Barometer report, published on Tuesday .

In Romania, the three main risks are represented by changes in legislation and regulations (increasing by 30% compared to last year), macroeconomic risks (+32%) and risks related to fire and explosions (+20%). Also, in the top ten national concerns are political risks and the risk of insolvency, according to Agerpres.

According to the specialist barometer, for 2024, cyber incidents represent the main global risk for the third year in a row, with 36% of respondents’ answers. Thus, the cyber risk is most significant in 17 countries, including Australia, France, Germany, India, Japan, the United Kingdom of Great Britain and the USA.

At the same time, a data security breach is considered the most worrying cyber threat for Allianz Risk Barometer respondents (59%), followed by attacks on critical infrastructure and physical assets (53%). The recent increase in ransomware attacks, with over 50% in 2023 compared to 2022, ranks third (53%).

“Despite an easing of post-pandemic supply chain disruptions in 2023, business disruption (31%) remains the second biggest threat in the 2024 survey. This result reflects the interconnectedness of an increasingly global business environment more volatile as well as a heavy reliance on supply chains for critical products or services.Improving business continuity management, identifying supply chain bottlenecks and developing relationships with alternative suppliers continue to be key risk management priorities for companies in 2024,” according to the research conclusions.

At the global level, natural disasters (26%) represent one of the risks that have risen the most in the ranking, up to 3rd place, increasing by three positions.

“2023 was a record year on several fronts. It was the warmest year since meteorological records began, while insured claims exceeded US$100 billion for the fourth year in a row, driven by the largest claim ever settled, worth US$60 billion caused by strong storms.Globally, the risk of natural disasters ranks 1st in Croatia, Greece, Hong Kong, Hungary, Malaysia, Mexico, Morocco, Slovenia and Thailand, many of these countries facing some of the most significant events of 2023. In Greece, a wildfire near the city of Alexandroupolis in August was the largest ever recorded in the EU.At the same time, severe flooding in Slovenia led to one of the biggest incidents that have affected the supply chain, causing production delays and a shortage of spare parts for European car manufacturers,” the cited document states.

Although climate change (18%) was ranked 7th compared to the previous year in the ranking of risks, it represents one of the three most important threats in countries such as Brazil, Greece, Italy, Turkey and Mexico.

In addition, against the background of ongoing conflicts in the Middle East and Ukraine, as well as tensions between China and the US, political risks and violence (14%) rise from 10th place to 8th place.

“The year 2024 is also important from an electoral point of view, as almost 50% of the world’s population goes to the polls, including in India, Russia, the US and the UK. Dissatisfaction with the possible results, together with general economic uncertainty, the high cost of living and growing disinformation, fueled by social networks, lead to a polarization expected to be increasingly accentuated within society, which can cause social unrest in many countries,” explain the authors of the specialized study.

Allianz Risk Barometer respondents expressed hope that in 2024 there could be a stabilization of the economic ups and downs experienced since the Covid-19 shock, which caused the risk generated by macroeconomic dynamics (19%) to decrease from the 3rd place on the 5th place in the top of the risks. However, economic growth prospects remain modest, with just over 2% globally this year.

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