Cyber incidents created many headlines in 2025 and are still the biggest worry for companies globally in 2026, according to the just released Allianz Risk Barometer. The past year has also been a significant one for accelerated adoption of artificial intelligence (AI), which is reflected in its ranking as the biggest riser in the annual survey at #2. Close to half of survey respondents believe AI is bringing more benefits to their industry than risks. However, a fifth say the opposite.
The Allianz Risk Barometer is an annual business risk ranking compiled by Allianz Group's corporate insurer Allianz Commercial together with other Allianz entities. Now in its 15th year, the Risk Barometer incorporates the views of 3,338 risk management experts from almost 100 countries and territories and identifies the main perils risk management practitioners are expecting in 2026.
Cyber risks by far the biggest concern for companies
In 2026, cyber incidents are the top global risk for the fifth year in a row, with its highest-ever score (42% of responses), and by a higher margin than ever before (+10%). It ranks as the main corporate concern in every region (Americas, Asia Pacific, Europe, and Africa and Middle East).
The continued presence of cyber at the top of the Allianz Risk Barometer reflects a deepening reliance on digital technology at a time when the cyber threat landscape, and geopolitical and regulatory environments, are fast evolving. Recent high-profile cyber-attacks underline the continuous threat for businesses of all sizes. Smaller and mid-sized enterprises are increasingly targeted and under pressure due to a lack of cyber security resources.
AI creates emerging risks as well as new business opportunities
AI has surged into the top tier of global business concerns, rising to #2 (32%) in 2026 from #10 in 2025 – the biggest jump in this year's ranking. It is a big mover in all regions – ranked #2 in the Americas, Asia Pacific, and Africa and the Middle East, and #3 in Europe – and is a growing risk for companies of all sizes too, moving into the top three for large, mid-sized and smaller firms.
As AI adoption accelerates and becomes more deeply embedded in core business operations, respondents expect AI-related risks to intensify, especially when it comes to liability concerns. The rapid spread of generative and agentic AI systems, paired with their growing real-world use, has raised awareness of just how exposed organizations have become.
Business interruption strongly connected to geopolitical risks
2025 marked a shift towards protectionist trade policies and tariff wars that brought uncertainty to the world economy. It was also a year of regional conflicts in the Middle East and Russia/Ukraine, as well as border disputes between India/Pakistan and Thailand/Cambodia and civil wars in Africa – a trend which continues in 2026 with the U.S. intervention in Venezuela.
Geopolitical risks are putting supply chains under increasing pressure, but as risks rise, just 3% of Allianz Risk Barometer respondents view their supply chains as "very resilient". In the past year alone, trade restrictions have tripled to affect an estimated U.S.$2.7 trillion of merchandise – nearly 20% of global imports according to Allianz Trade – fueling companies exploring trends such as friendshoring and regionalization. These developments lead to a high-risk perception – 29% of respondents rank business interruption as a top peril, placing it at #3, although it drops a position year-on-year.
Unsurprisingly, political risks and violence climbs two places to #7, its highest-ever ranking. The closely linked risk of changes in legislation and regulation – which includes trade tariffs – ranks #4 globally, unchanged year-on-year but with an increase in respondents, driven by concerns over growing protectionism. In fact, global supply chain paralysis due to a geopolitical conflict ranks as the most plausible "black swan" scenario likely to materialize in the next five years, according to 51% of the respondents.
The full report is available at: 2026 Allianz Risk Barometer.
