‘Cyber incidents’ replaces ‘natural catastrophes’ as this year’s top business concern in Australia, while ‘shortage of skilled workforce’ becomes a Top-Three ranked peril, according to Allianz Commercial, which is Allianz Group’s corporate insurer.
The “13th Allianz Risk Barometer” report, released yesterday, shows that cyber incidents ousted natural catastrophes as the topmost risk in Australia.
Mr Phuong Ly, chief general manager of Allianz Australia Commercial, said, “In Australia, cyber has become the top issue for businesses moving from fourth place in 2023 to first place in 2024, which isn’t surprising, given some of the high profile cyber breaches that Australia witnessed in 2023. We encourage businesses to proactively understand their cyber security posture and ensure that the appropriate risk mitigations and insurance covers are in place.
“The other big mover in Australia was concerns around shortage of skilled workforce which has moved in rankings from fifth to third place. This is driven predominately by a shortage of workers in the hospitality, tourism and manufacturing sectors left after COVID, as well as a genuine shortage in skilled…
