Allianz report warns Nigerian firms, others against cyber risks

The 11th Allianz Survey, also known as the Allianz Risk Barometer 2022, says cyber, political risks and violence are key threats that could slow down businesses this year.

The survey says cyber perils are the biggest concern for companies, particularly, in Nigeria, South Africa, Africa and the Middle East.

The survey states: “The threat of ransomware attacks, data breaches or major Information Technology (IT) outages worry companies even more than business and supply chain disruption, natural disasters or the COVID-19 pandemic, all of which have heavily affected firms in the past year.

“Internationally, cyber incidents top the Allianz Risk Barometer for only the second time in the survey’s history (44 per cent of responses), business interruption drops to a close second (42 per cent) and natural catastrophes rank third (25 per cent), up from sixth in 2021. Climate change climbs to its highest-ever ranking of sixth (17 per cent, up from ninth), while pandemic outbreak drops to fourth (22 per cent).”

The Chief Executive Officer, Allianz Global Corporation and Specialty (AGCS) Joachim Mueller said: “Business interruption will likely remain the key underlying risk theme in 2022. For most companies, the biggest fear is not being able to produce their products or deliver their services.

“2021 saw unprecedented levels of disruption, caused by various triggers. Crippling cyber-attacks, the supply chain impact from many climate change-related weather events, as well as pandemic-related manufacturing problems and transport bottlenecks, wreaked havoc.

“This year only promises a gradual easing of the situation, although further Covid-19-related problems cannot be ruled out. Building resilience against the many causes of business interruption is increasingly becoming a competitive advantage for companies.”