Artificial intelligence (AI) is increasingly becoming a risk for companies. This conclusion was reached by Allianz Commercial from a survey conducted among 3,800 risk managers from 106 countries. Cyberattacks ranked at the top of the Allianz Risk Barometer for the fourth time. New technologies such as AI were named among the top 10 risks for the first time. „Cyber is the absolute top risk worldwide,“ said Michael Furtschegger, Head of Allianz Commercial Germany, at a press conference.

According to Furtschegger, cyber attacks were mentioned by 38% of respondents. Ten years ago, cyber risk only ranked in 8th place with 12% mentions. In 2025, the gap to the second-placed risk, which is business interruption, is also greater than ever before at 7 percentage points. In Germany online risks were ranked first by 47% of respondents in Germany, three percentage points more than in the previous year.

Allianz is convinced that the triumphant advance of ChatGPT etc will change the world of cyberattacks. „Artificial intelligence is also being used by criminals,“ notes Jens Krickhahn, head of the cyber division at Allianz Commercial. He called on companies to allow AI defence systems to operate independently, saying that "artificial intelligence should be allowed to work actively in companies.“

If AI is only used to detect attacks but cannot react without human intervention, the damage is on average 1,000 times higher than with an automated defence, explained Krickhahn. Allianz therefore takes a close look at how companies plan their defences: „We scrutinise this in the risk dialogue with our customers.“

According to Krickhahn, artificial intelligence will also change the forms of attacks. „I could imagine that there will be new ways in the future,“ he said, with complete automation of attacks being one such variant. It would only take milliseconds for a machine to exploit the gaps that have been created.

However, artificial intelligence is also identified by companies as a risk in its own right, reports Furtschegger. Globally, they ranked new technologies such as AI in 10th place for the first time. However, around half of those surveyed believe that AI brings more advantages than disadvantages. In the opinion of 35% of respondents, both effects balance each other out, while 15% believe that the disadvantages outweigh the advantages.

Overall, cyberattacks are now perceived as the dominant threat in 20 countries worldwide. Eight out of 24 industries surveyed define this IT risk as the number one, with aviation, chemicals and the entertainment industry being included for the first time, and financial services, media and the services, technology and telecommunications sectors again citing it.

Concerns about data breaches and subsequent claims for damages ranked ahead of attacks on critical infrastructure/assets in this category at 60%. „Companies are facing class action lawsuits,“ explained Krickhahn. In Germany, attacks on critical infrastructure are at the top of the cyber risk list.

At 5th place worldwide, climate change has achieved the highest ranking since the study was compiled. „This shows that it is a high priority for companies,“ said Furtschegger. The insurer did not want to make any statements about possible burdens for Allianz as a result of the fires around Los Angeles. But the general lesson learnt from the natural disasters is that much more prevention is needed.

The shortage of skilled labour no longer plays a central role in the risk barometer for Germany. While it was still perceived as the fourth biggest risk in the previous year, it has now slipped to 8th place. This probably has to do with the overall economic situation, said Furtschegger.

German companies are focussing on the failure of critical infrastructure. The risk moved up to 10th place. Worldwide and in Europe, however, this risk is not among the top 10. The risk of business interruption remains at the top of the lists worldwide. According to studies, supply chain disruptions, such as last year's Houthi attacks in the Red Sea or the collapse of a bridge in Baltimore, occur approximately every one and a half years. The trend is upwards.

The risk of regulation, and changes in legislation, slipped slightly to fourth place in Germany. However, Chief Economist Ludovic Subran, who is also to take on the role of Allianz Group Chief Investment Officer, pointed out that not all regulation is inherently „bad’.

„In most cases, it is the implementation that makes business life more difficult.“, said Subran. A thorough digitalisation of the authorities is therefore urgently needed. However, ahead of the upcoming federal elections, he explained that we will probably still be waiting in vain for an appropriate digital strategy in 2025.

Vanessa Maxwell, who is responsible for underwriting at Allianz Commercial, commented that the interconnectedness of the top risks was particularly striking this year. Climate change, new technologies, regulation and geopolitical risks are increasingly intertwined.