Allianz Risk Barometer: Cyber Remains World's Top Risk as AI Risks Jump to Second Place

Cyber incidents made headlines in 2025 and remain the top concern for businesses worldwide according to the Allianz Risk Barometer in 2026. The past year was also significant for artificial intelligence (AI), which has jumped to second place in the ranking (CH: second place), highlighting the complexity of AI as an operational and legal risk and a reputational threat to companies. Nevertheless, nearly half of the respondents believe AI provides more benefits than risks to their industry, while one-fifth hold the opposite view. For the first time ever, business interruptions (BI) are no longer among the top two risks, falling to third place (CH: third place). However, BI remains a crucial issue as it is often a consequence of other risks in the global top 10.

Factors such as a calmer hurricane season in 2025 have led to natural catastrophes falling to fifth place (CH: sixth place) compared to the previous year. Meanwhile, political risks and violence have climbed from ninth to seventh place (CH: ninth place) due to rising concerns over geopolitical instability and conflicts worldwide. Interestingly, this risk did not make it into the top 10 in Switzerland last year.

Thomas Lillelund, CEO of Allianz Commercial, comments: '2025 was characterised by volatility and uncertainty. This year, too, companies are facing a rapidly changing environment with interconnected and highly complex risks. With AI's ongoing rise in society and business, it is unsurprising that it plays a significant role in the Allianz Risk Barometer. AI not only brings enormous opportunities but also reshapes the risk landscape with its transformative potential and rapid development and dissemination, becoming a key issue for businesses of all sizes worldwide.'

Cyber risks are by far the biggest challenge for companies. In 2026, cyber incidents are the world's top risk for the fifth consecutive year, with 42 percent of respondents globally ranking cyber as the top risk, the highest ever recorded. Cyber risks lead by ten percentage points over the second-largest risk at 32 percent. Cyber risks top the list in every world region (Americas, Asia-Pacific, Europe, and Africa and Middle East). The continued number one ranking in the Allianz Risk Barometer reflects the growing dependence on digital technology at a time of rapidly changing cyber threat landscapes and geopolitical and regulatory environments. Recent high-profile cyber attacks underscore the ongoing threat to businesses of all sizes. Small and medium-sized firms, in particular, are increasingly targeted by criminals due to a lack of resources for cybersecurity and are under significant pressure.

'Investments by large companies in cybersecurity and resilience have paid off by enabling them to detect and respond to attacks early. However, cyber risks are constantly evolving. Companies are increasingly reliant on third-party providers for critical data and services, while AI amplifies threats, increases the attack surface, and exacerbates existing vulnerabilities,' explains Michael Bruch, Global Head of Risk Consulting Advisory Services at Allianz Commercial.

AI creates new opportunities and risks. AI has risen to the forefront of global business risks, ranking second in 2026 (32 percent) compared to tenth place in the previous year. This is the biggest leap in this year's ranking. AI is an important factor across all regions - ranking second in the Americas, Asia-Pacific, and Africa and Middle East, and third in Europe - and poses an increasing risk for companies of all sizes. It has risen into the top three at large, medium, and small businesses alike. As AI adoption accelerates and technology is increasingly embedded into core business, respondents expect an increase in AI-related risks, particularly regarding liability issues. The rapid dissemination of generative AI systems, combined with their growing practical use, has heightened awareness of how exposed companies are to these risks.

'Companies increasingly view AI not only as a powerful strategic opportunity but also as a complex source of operational, legal, and reputational risks. In many cases, adoption is proceeding faster than governance, regulation, and corporate culture can keep pace,' says Ludovic Subran, Allianz's Chief Economist. 'In 2026, more companies will seek to expand the use of AI. They will increasingly face challenges concerning system reliability, data quality, integration hurdles, and the lack of qualified professionals. At the same time, new liability risks related to automated decision- making processes, biased or discriminatory models, misuse of intellectual property, and uncertainty over who is liable when AI-generated results cause harm are emerging.'

Business interruptions closely linked to geopolitical risks. 2025 marked a shift towards protectionist trade policies and trade wars that unsettled the global economy. It was also a year of regional conflicts in the Middle East and the ongoing war in Ukraine. Border disputes between India and Pakistan, Thailand and Cambodia, and civil wars in Africa were added - a trend continuing into 2026 with US intervention in Venezuela. Geopolitical risks are putting increasing pressure on supply chains, yet despite rising risks, only three percent of respondents to the Allianz Risk Barometer rate their supply chains as highly resilient. In the last year alone, trade restrictions have tripled, affecting goods worth an estimated 2.7 trillion US dollars - nearly 20 percent of global imports according to Allianz Trade. This prompts companies to pursue trends such as friendshoring and regionalisation. These developments lead to high risk awareness: 29 percent of respondents rank business interruptions as their greatest concern, placing it third compared to second place in the previous year.

Given the current geopolitical situation, it is not surprising that political risks and violence have climbed two places to seventh - the highest ranking since the Risk Barometer's inception. Closely related is the risk of legislative and regulatory changes - including trade tariffs - which ranks fourth globally. The value remained unchanged from the previous year, but the percentage of respondents increased, reflecting concerns over rising protectionism. Indeed, 51 percent of respondents see a paralysis of global supply chains due to a geopolitical conflict as the most likely 'black swan' scenario that could occur in the next five years.

About the Allianz Risk Barometer. The Allianz Risk Barometer is an annual ranking of business risks compiled by Allianz Commercial in collaboration with other Allianz entities. The study incorporates the assessments of 3,338 risk management experts, including executives, risk managers, brokers, and insurance professionals from 97 countries, and is being published for the 15th time this year.

For further information:

Allianz Commercial
Andrej Kornienko, Regional Head of Communications Germany & Switzerland (GER/SUI)
Andrej.kornienko@allianz.com, Tel. +49 171 4787 382

Allianz Suisse
Nadine Schumann, Press Officer
Nadine.schumann@allianz.ch, Tel. 058 358 84 14

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