Cyber Incidents Lead Allianz’s 2026 Business Risk Rankings at 42%
Summary
Allianz’s 2026 Risk Barometer ranks cyber incidents as the top business concern, selected by 42% of respondents. The report highlights AI-enabled threats, third-party dependencies and rising data-theft exposure in large cyber claims.
Key points
- The survey gathered responses from 3,338 participants across 97 countries and territories during October and November 2025; respondents could select up to three leading risks.
- Cyber incidents ranked first at 42%, up from 38% in 2025, and led the rankings across all surveyed regions and company-size groups.
- Among 1,395 respondents to the cyber-investment question, 47% anticipated needing moderate investment and 43% high investment to protect against cyber incidents, including AI-driven threats.
- Allianz Commercial’s claims analysis attributed 60% of the value of large cyber claims exceeding €1 million in the first half of 2025 to ransomware.
- Data theft featured in 40% of large cyber claims by value during the first half of 2025, compared with 25% across all of 2024.
- The report identifies dependence on third-party digital services and concentrated cloud suppliers as sources of cascading business interruption and supply-chain disruption.
- Allianz warns that AI is helping criminals automate attacks and lowering technical barriers, while recommending integrated cyber defense, AI governance and crisis-response planning.
Article Details
- Publisher
- Allianz Commercial
- Report Period
- 2026 risk outlook, based on a survey conducted in October and November 2025
- Scope
- Global corporate risk perceptions across company sizes, 97 countries and territories, and 23 industry sectors.
- Sample Size
- 3,338 respondents; respondents could select up to three principal risks.
- Key Statistics
- Cyber incidents ranked first globally, selected by 42% of respondents, compared with 38% in the previous survey.
- Artificial intelligence ranked second at 32%, rising from tenth place and 10% in the previous survey; the previous category was called New technologies.
- Among 1,395 respondents to the cyber-investment question, 47% anticipated moderate investment and 43% high investment to protect against cyber incidents, including increasing AI-driven threats.
- According to Allianz Commercial claims analysis, ransomware accounted for 60% of the value of large cyber claims exceeding €1mn in the first half of 2025. Claims involving data theft represented 40% of large-claim value, compared with 25% during all of 2024.
- Among 970 respondents assessing supply-chain resilience against geopolitical conflicts, shifting trade patterns or critical infrastructure failures, only 3% rated their supply chains as very resilient.
- Recommendations
- Integrate cyber defense, AI governance, supply-chain diversification, climate adaptation, geopolitical monitoring and crisis response into a cohesive resilience framework.
- Embed continuous horizon scanning, scenario modeling and rigorous stress testing into risk management.
- Establish a cross-functional crisis response that aligns organizational actions during disruption.
- Implement AI governance and risk-management frameworks, including oversight of privacy and ethical risks.
- Invest in workforce education, retraining and upskilling to support safe AI adoption.
People
Daniel MullerHead of Emerging Risk Trends at Allianz Commercial; advocates horizon scanning, stress testing and integrated resilience, and discusses potential quantum-computing risks to encryption.Denise De BilioInnovation and Transformation Leader at Allianz Commercial; discusses workforce readiness for AI and supply-chain adaptation.Ludovic SubranChief Economist at Allianz; discusses operational, legal and reputational AI risks and fragmentation of digital regulation.Michael BruchGlobal Head of Risk Consulting Advisory Services at Allianz Commercial; advocates integrated resilience strategies and AI governance.Rishi BaviskarGlobal Head of Cyber Risk Consulting at Allianz Commercial; discusses AI-driven threats, third-party dependencies and cyber resilience challenges for smaller companies.
Countries
United Kingdom- **UK**: 1. Cyber `→`, 2. Artificial intelligence (AI) `↑`, 3. Business interruption `↓`. *(Cyber remains the top risk concern. AI (#5), and critical infrastructure blackouts (#8) are the only other risers in the topUnited StatesMost answers were for large companies (>US$500mn annual revenue) [1,471 respondents, 44%].
Industries
Aviationcyber is the risk of greatest concern across a broad range of industries, including manufacturing, aviation, chemicals, oil and gas, technology, telecommunications, transport, financial services, retail, food andChemicalsis the risk of greatest concern across a broad range of industries, including manufacturing, aviation, chemicals, oil and gas, technology, telecommunications, transport, financial services, retail, food and beverage,Financial Servicesmanufacturing, aviation, chemicals, oil and gas, technology, telecommunications, transport, financial services, retail, food and beverage, and hospitality.Hospitalityand gas, technology, telecommunications, transport, financial services, retail, food and beverage, and hospitality.Manufacturingvulnerabilities, cyber is the risk of greatest concern across a broad range of industries, including manufacturing, aviation, chemicals, oil and gas, technology, telecommunications, transport, financial services,Oil and gasof greatest concern across a broad range of industries, including manufacturing, aviation, chemicals, oil and gas, technology, telecommunications, transport, financial services, retail, food and beverage, andRetailaviation, chemicals, oil and gas, technology, telecommunications, transport, financial services, retail, food and beverage, and hospitality.Technologypresence of cyber at the top of the Allianz Risk Barometer reflects a deepening reliance on digital technology at a time when the cyber threat landscape, geopolitical, and regulatory environments are fast evolving,Telecommunicationsa broad range of industries, including manufacturing, aviation, chemicals, oil and gas, technology, telecommunications, transport, financial services, retail, food and beverage, and hospitality.Transportindustries, including manufacturing, aviation, chemicals, oil and gas, technology, telecommunications, transport, financial services, retail, food and beverage, and hospitality.