The Allianz Risk Barometer 2026 ranks cyber incidents as the top global business risk for the fifth year in a row.
This year’s report shows increased concern from organizations across all sectors. Attacks have disrupted operations and exposed data, placing added strain on internal response systems. The rise in third-party dependencies and digital service integration has widened entry points for attackers.
Artificial intelligence climbs from tenth to second place, the largest increase in this year’s results.
Businesses report growing concern over untested applications and uncertain liability tied to automated decision-making. Continued investment has not closed gaps in oversight and guidance, leaving many firms exposed to unresolved legal and operational consequences.
Why It Matters: AI’s rise in the rankings aligns with a growing number of incidents involving automation failures and unclear accountability. Cyber remains the most reported risk, with more disruption linked to external service dependencies. These trends are influencing claims activity and internal risk assessments.
- Cyber Incidents Lead Global Rankings for Fifth Year: Cyber incidents remain the top business risk worldwide, cited by 42% of respondents, the highest level to date. Larger companies report stronger detection and response capabilities, yet increased use of AI by attackers and heavier reliance on third-party platforms have introduced new points of failure. Smaller and mid-sized firms continue to face pressure due to limited internal resources to manage threats.
- AI Rises from Tenth to Second Globally: Now the second most reported risk, AI is cited by nearly one in three respondents. Key concerns include legal exposure from flawed outputs and unclear accountability. These issues appear across industries and company sizes, with AI ranking among the top three risks for small, mid-sized, and large firms.
- Business Interruption Remains a Major Concern: Ranked third, business interruption continues to affect companies facing supply chain disruption and regional instability. Only 3% of respondents consider their supply chains highly resilient. Most reported interruptions now stem from external conditions, not internal system failures.
- Regulatory Uncertainty Adds Operational Strain: Changes in enforcement, shifting compliance expectations, and expanding liability concerns are placing added pressure on businesses already navigating technical and structural risk. Trade policies and legal exposure tied to emerging technologies are raising concerns across regions. Regulation ranks fourth globally, with more respondents citing it as a top risk compared to last year.
- AI Risk Expands Across Operational and Legal Functions: Nearly half of respondents view AI as a net benefit to their sector, while one in five report greater harm. Common challenges include data reliability issues and shortages of qualified personnel. Claims tied to biased outputs and IP misuse are beginning to surface in legal and compliance reviews.
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