Cyber Risks Dominate Global Business Concerns as Climate Change Climbs Rankings

Cyber incidents remain the most significant global business risk in 2025, according to the Allianz Risk Barometer, which compiles insights from nearly 3,800 risk management professionals worldwide. Data breaches, ransomware attacks, and IT disruptions top the list, ranking as the primary concern for businesses of all sizes in 20 countries, including the U.S., U.K., and Germany. The rapid evolution of technology, including artificial intelligence, continues to exacerbate these risks.

Business interruption (BI), often linked to cyberattacks or natural catastrophes, ranks as the second top global concern. Events such as supply chain disruptions caused by geopolitical conflicts or infrastructure failures illustrate the ongoing challenges businesses face in maintaining operations. Natural catastrophes, fueled by climate change, hold the third position, highlighting their growing impact on global supply chains and economic stability.

Climate change has reached its highest ranking ever in 14 years of the Allianz Risk Barometer, climbing to No. 5. The catastrophic weather events of 2024, from record-breaking storms in North America to droughts in Africa and South America, underline the urgency of addressing climate-related risks. Meanwhile, changes in legislation and regulation rise to fourth place globally, driven by geopolitical tensions and increased regulatory requirements in areas such as artificial intelligence and sustainability reporting.

In the U.S., cyber incidents, natural catastrophes, and business interruption dominate the top three risks, with changes in legislation surging in importance. These findings highlight the interconnected nature of modern risks and the need for comprehensive strategies to mitigate their impacts.