Allianz Risk Barometer: AI Surges as Cyber Tops Business Risks Again
Cyber threats are once again at the top of the global corporate worry list, according to the Allianz Risk Barometer 2026. For the fifth year running, cyber incidents rank as the number one business risk, while artificial intelligence (AI) makes a dramatic leap into second place.
For eeNews Europe readers working across electronics, embedded systems, industrial automation, and digital infrastructure, the findings offer a useful snapshot of how technology-driven risks are reshaping boardroom priorities. The results underline where investment, design decisions, and risk mitigation strategies are likely to focus in the coming years.
Cyber stays number one, by a wider margin
Cyber incidents account for 42% of responses globally, the highest score ever recorded in the survey and a 10% lead over the next-ranked risk. Ransomware attacks remain a major concern, and cyber risk is now the top issue in every region, including Europe, the Americas, and Asia Pacific.
Allianz points to growing digital dependence, evolving regulation, and geopolitics as key drivers behind cyber’s continued dominance. While large enterprises have strengthened their defenses, smaller and mid-sized companies are increasingly targeted due to limited cybersecurity resources.
“Large companies’ investments in cyber security and resilience have been paying off, ensuring they can detect and respond to attacks early. However, cyber risk continues to evolve,” explains Michael Bruch, Global Head of Risk Consulting Advisory Services, Allianz Commercial. “Organizations are increasingly reliant on third party providers for critical data and services, while AI is supercharging threats, increasing the attack surface and adding to existing vulnerabilities.”
AI jumps from #10 to #2
The standout change in the 2026 ranking is AI, which rockets from tenth place last year to second place with 32% of responses. AI now ranks in the top three risks for companies of all sizes and is consistently high across all regions.
Rapid adoption of generative and agentic AI systems is raising concerns around liability, governance, and system reliability. Despite this, close to half of respondents still believe AI brings more benefits than risks to their industry.
“Companies increasingly see AI not only as a powerful strategic opportunity but also as a complex source of operational, legal, and reputational risk,” says Ludovic Subran, Chief Economist, Allianz. “In many cases, adoption is moving faster than governance, regulation, and workforce readiness can keep up.”
Geopolitics reshapes business interruption risk
Business interruption slips to third place globally, but remains tightly linked to geopolitical tensions and supply chain fragility. Political risks and violence climb to seventh place, their highest-ever position, driven by ongoing conflicts, trade restrictions, and protectionist policies.
According to Allianz, trade restrictions now affect nearly 20% of global imports, prompting companies to rethink supply chains through friendshoring and regionalization. Notably, 51% of respondents see global supply chain paralysis caused by geopolitical conflict as the most likely “black swan” event over the next five years.
Summing up the broader picture, Allianz Commercial CEO Thomas Lillelund notes: “Following the volatility and uncertainty of 2025, businesses continue to face interconnected and highly complex risks in 2026’s fast-changing environment.”
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