Cyber threats are the biggest concerns among businesses in the Middle East and Africa, overshadowing supply chain breaks, natural disasters and even Covid-19-related disruptions, according to a new report from German financial institution Allianz Group.
Data breaches or major IT outages worry companies the most, with 44 per cent of respondents saying cyber incidents top their list of concerns, marking the second time in two years that the category has emerged at the top of the rankings, the Munich-based company said in its new Risk Barometer 2022, released by Allianz Global Corporate and Specialty arm.
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Business interruption dropped to second (42 per cent), while natural catastrophes rose from sixth to third (25 per cent) and the pandemic outbreak dropped to fourth (22 per cent) among the top concerns. Climate change, now a fundamental global issue, was ranked sixth (17 per cent).
“’Business interrupted’ will likely remain the key underlying risk theme in 2022. For most companies the biggest fear is not being able to produce their products or deliver their services; 2021 saw unprecedented levels of disruption, caused by various triggers,” Joachim Mueller, chief executive of…
