Business interruption and supply chain risk tops the list of business risks, according to the latest Allianz Risk Barometer.
However, cyber risk was the most significant mover – and came out as the top emerging risk. Some 17 per cent included it in their top three most important risks – up from 12 per cent last year.
All industries surveyed found cyber risks to be more of a concern than last year. The financial services, manufacturing, power and utilities and engineering sectors were the most influential in ranking cyber risks higher.
The impact of natural catastrophes was ranked second at 30 per cent (down from 33 per cent last year while fire and explosion came in third at 27 per cent.
The Barometer also highlights the differences between business sectors.
In manufacturing (including automotive) business interruption (68 per cent) remains the top risk with manufacturers even more concerned than 12 months ago (60 per cent), driven by the fact that the potential for large claims in certain sectors such as semiconductor or automotive is increasing.
Meanwhile, loss of reputation (55 per cent) is the number one risk in the food and beverage sector, the only industry analysed where this risk appears in the top five risks.
The study identifies climate change as the most important long term risk and warns that companies will have to “deal with the impact of climate change as an underlying risk which is not within our direct control”.