Cyber security biggest threat for UK businesses

Cyber security and incidents present the biggest risk to UK businesses according to the Allianz Risk Barometer 2018. 

Changes in legislation and regulation, including concerns around BREXIT and new trade barriers and protectionism climbs ranks as the second biggest risk, up three places from last year. 60 per cent of respondents considered cyber security a genuine risk, with 38 per cent responding to changing legislation and regulation. 

Other major concerns for businesses in 2018 include business interruption, natural disasters and the impact of new technologies 

Chris Fischer Hirs, Chief Executive Officer, Allianz Global Corporate & Specialty commented: “Whether resulting from attacks such as WannaCry, or more frequently, system failures, cyber incidents are now a major cause of business interruption for today’s networked companies whose primary assets are often data, service platforms or their groups of customers and suppliers. However, last year’s severe natural disasters remind us that the impact of perennial perils shouldn’t be underestimated either. Risk managers face a highly complex and volatile environment of both traditional business risks and new technology challenges in future.”

This is the seventh instalment of the annual Allianz Risk Barometer, which is published annually by Allianz Global Corporate & Specialty.The 2018 report is based on the insight of a record 1,911 risk experts from 80 countries.