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Cyber Incidents as the greatest risk for companies in 2020

The Allianz Risk Barometer report

For the first time, according to the Allianz Risk Barometer, the foremost risk for companies is cyber incidents. Awareness of cyber threats has increased in recent years, as has awareness of the associated challenges, which are growing bigger and more expensive. The main cause (77%) is data or security violations. After that come espionage, hacker attacks, ransomware attacks and denial of service attacks (62%) and employee errors (42%).

Employees and management are increasingly being targeted by such attacks. Ransomware, social engineering or phishing e-mails try to get ransom payments or log-in data or encourage people to commit fraudulent acts.

The risk management experts surveyed in the Allianz Risk Barometer survey see preparation and training of employees as one of the most important and most effective measures to prevent cyber risks. Targeted training and awareness can significantly reduce the risk of an incident. This is especially true in the areas of social engineering, phishing and ransomware attacks.

Survey respondents see damage to company reputation as another risk factor for businesses. This damage can be caused by cyberattacks and social media. After social media began, reputational damage increased massively, which led to major falls in share prices among the companies concerned. Despite the increased risks of reputational damage, many companies are still insufficiently protected against these consequences.

Allianz (2020): Allianz Risk Barometer –Identifying the major business risks for 2020. Seiten 8-9, 12-13, 22.

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