Each year Allianz Global ranks the top 10 risks to businesses, according to a survey of U.S. risk managers. Here’s how they ranked the risks for 2018:
- Cyber incidents (e.g. cybercrime, IT failure, data breaches)
- Business interruption (including supply chain disruption)
- Natural catastrophes (e.g. storm, flood, earthquake)
- Market developments (e.g. volatility, intensified competition/new entrants, mergers and acquisitions, market stagnation/fluctuation)
- Fire, explosion
- Legislative and regulatory Changes
- Loss of reputation or brand value
- Impact of new technologies (e.g. increasing connectivity, nanotechnology, artificial intelligence, 3-D printing, drones)
- Climate change/increased weather volatility
- Talent shortage
Since 2017, the risk of cyber incidents has increased from second to first place. Concerns about climate change/weather volatility and talent shortages are new to the list.
For more information on protecting your business against the threats above, please either call or email Barker Phillips Jackson at: 417-887-3550 or ins@bpj.com.
Source: Allianz Global Corporate & Specialty Insurance Company