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 growing concern from organizations across all sectors. The attacks disrupted operations and exposed data, straining internal response systems. Increasing third-party dependencies and the integration of digital services have expanded the 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 associated with automated decision-making. Continued investment has not closed gaps in oversight and guidance, leaving many companies exposed to unresolved legal and operational consequences.
Why it’s important: AI’s rise in ranking aligns with a growing number of incidents involving automation failures and unclear responsibilities. Cyber remains the most reported risk, with more disruptions linked to dependencies on external services. These trends influence claims activities and internal risk assessments.
- Cyber incidents top 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, But Increased, Detection and Response Capabilities use of AI by attackers and the increased reliance on third-party platforms have introduced new points of failure. Small and medium-sized businesses continue to face pressure due to limited internal resources to manage threats.
- AI goes from tenth to second in the world: Now the second most reported risk, AI is cited by nearly one in three respondents. Key concerns include legal exposure to flawed results and unclear accountability. These issues appear across all industries and company sizes, with AI ranking among the top three. risks for small, medium and large businesses.
- Business interruption remains a major concern: Ranked third, business interruptions continue to impact businesses facing supply chain disruptions and regional instability. Only 3% of respondents consider their supply chains to be very resilient. Most reported outages now come from external conditions and not internal system failures.
- Regulatory uncertainty adds operational pressure: Changes in rule enforcement, shifting compliance expectations and growing liability concerns are putting additional pressure on businesses already facing technical and structural risks. Trade policies and legal risks related to emerging technologies are raising concerns across all regions. Regulation ranks fourth globally, with more respondents citing it as a major risk compared to last year.
- AI risk extends across all operational and legal functions: Nearly half of respondents see AI as a net benefit to their industry, while one in five report greater harm. Common challenges include data reliability issues and shortages of qualified personnel. Allegations related to biased results and misuse of intellectual property are beginning to surface in legal and compliance reviews.
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