Allianz survey: This is what companies fear most

Created: 01/18/2022 10:33 am

According to an Allianz survey, entrepreneurs fear damage from cyber attacks.

© www.allianz.com

The attacks are becoming more frequent - and increasingly expensive for the victims: According to an Allianz survey, entrepreneurs are particularly afraid of cyber attacks.

But the company bosses are also concerned with other dangers.

 Whether it's due to a cyber attack, a sluggish supply of raw materials or a natural disaster: According to a survey by Allianz's major customer division AGCS, a standstill in operations is what worries entrepreneurs the most.

With the expected abatement of the corona pandemic, the threat of hacker attacks is coming to the fore again.

According to the “Allianz Risk Barometer” published on Tuesday, 44 (previous year: 40) percent of the 2,650 company bosses, risk managers and insurance experts surveyed worldwide named cyber incidents as one of the three greatest risks for their business.

The attacks are becoming more frequent - and increasingly expensive for the victims.

"We will see more attacks on supply chains and critical infrastructures," predicts Jens Krickhahn, who is responsible for cyber issues in Central and Eastern Europe at AGCS.

Allianz Risk Barometer: Fear of cyber attacks and business interruption

At 42 (41) percent, business interruptions follow in second place, as companies have experienced many times since 2020 due to the pandemic and its consequences.

Closed borders and ports had delayed deliveries, and strong fluctuations in demand, for example for computer chips, endangered supplies.

Last year, business interruptions were the number one risk worldwide, and they also dominate in Germany in the new survey.

"For most companies, the greatest fear is not being able to manufacture their products or provide their services," said AGCS boss Joachim Müller.

Müller believes that the situation will only gradually improve this year.

“Building resilience to the multiple causes of business interruption is increasingly becoming a competitive advantage for organizations.”

Allianz: Fear of pandemic consequences

The fear of the pandemic itself has subsided. A year ago, at 40 percent, it was still the second largest business risk globally, but only 22 percent feared it in the survey in October and November - fourth place.

In Germany, at 13 (35) percent, it is only in eighth place.

Four out of five respondents believe their companies are well or at least adequately prepared for a new wave of the pandemic.

Climate change (21 percent after 12 percent) and the associated increase in natural disasters (30 percent after 15 percent) have moved into the focus of German managers and experts.

Storms that were once considered once-in-a-century events could occur more frequently in the future, even in regions that were actually considered safe.

“Companies have to react to this.

Both the buildings and the business continuity planning need to become more robust,” says Jürgen Wiemann, Head of Property at AGCS in Central and Eastern Europe.