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Cyber incidents remain the top global risk for 2025, surpassing other concerns by a larger margin than ever before. This marks the fourth consecutive year that cyber threats have been ranked as the most significant risk across industries, according to the Allianz Risk Barometer 2025.
Overview of the TOP Global Risks
Cyber incidents continue to dominate, with 38% of respondents citing them as their primary concern—7% higher than the previous year. Notably, risks associated with emerging technologies and artificial intelligence (AI) have entered the top 10 for the first time, ranking at #10. Closely linked to cyber risks, business interruption ranks second (31%), followed by natural disasters at #3 (29%).
Climate change has seen the most significant rise, climbing two spots to #5 (19%), its highest position in the 14-year history of the survey. As environmental and climate-related risks grow, their financial impact is becoming more evident—whether through regulatory costs, transition risks, or operational disruptions caused by extreme weather.
Regulatory changes, particularly in sustainability and technology, remain a key concern, holding the #4 spot with 25% of responses.
“What stands out in this year’s Allianz Risk Barometer is the interconnectivity of the top risks. A change in one – or indeed a mitigating action – might have a knock-on effect on another, and another,” said Michael Bruch, Global Head of Risk Advisory Services, Allianz Commercial.
#1 Rising Concern for Cyber Risks
Cyber incidents such as ransomware attacks, data breaches, and IT disruptions are the most significant global risk in 2025. This is the fourth straight year they have ranked first, remaining the top concern in countries including Australia, France, Germany, India, Italy, Portugal, and the UK. Cyber risks have also become the top-ranked threat in Brazil, Colombia, the Philippines, Morocco, and South Africa.
Cyber incidents remain the primary concern for businesses of all sizes and industries, from aviation and chemicals to entertainment, finance, legal, technology, and telecommunications.
“For many companies, cyber risk, exacerbated by the rapid development of AI, is a big risk overriding everything else,” said Rishi Baviskar, Global Head of Cyber Risk Consulting, Allianz Commercial.
Cyber is likely to remain a top risk for organizations going forward, given the growing reliance on technology, and as AI is incorporated into a growing number of products and services. Furthermore, cyber also overlaps with several other highly ranked risks in the Allianz Risk Barometer.
Respondents indicate that cyber incidents are the most feared cause of business disruption. Additionally, cyber threats rank as the second biggest environmental, social, and governance (ESG) risk after climate change transition challenges.
#2 Business Interruption
Business interruption (BI) has consistently ranked as either the first or second top risk in every Allianz Risk Barometer over the past decade. Its continued prominence reflects the lingering effects of supply chain disruptions from the COVID-19 pandemic.
BI often results from events like cyberattacks, natural disasters, insolvencies, or political unrest. In 2025, it has become the top risk in the Asia-Pacific region and is the most significant risk in 12 countries, including Austria, China, Hong Kong, Indonesia, Mexico, the Philippines, and Sweden.
#3 Natural Catastrophes
Severe weather events in 2024, including hurricanes Helene and Milton in the U.S., Storm Boris in Europe, widespread flooding, and the Noto Peninsula earthquake in Japan, underscore the growing threat of natural catastrophes. According to Swiss Re, total economic losses from such events reached $310 billion in 2024.
Severe convective storms (SCS), tropical cyclones, and floods accounted for nearly 90% of insured losses related to natural disasters. SCS was the most costly peril, totaling $57 billion in damages—$51 billion of which occurred in the U.S. alone. This marks the second consecutive year that U.S. SCS losses have exceeded $50 billion.
#4 Changes in legislation and regulation
2025 is expected to be a year of de-bureaucratization and regulatory reform, at least based on government announcements in the U.S. and EU. European Commission President Ursula von der Leyen has pledged to cut bureaucracy, while U.S. President-elect Donald Trump has introduced the Department of Government Efficiency (DOGE), led by Elon Musk, to streamline regulations.
#5 Climate Change
The past year was likely the hottest on record, with global temperatures reaching 1.5°C above pre-industrial levels, according to the World Meteorological Organization (WMO). Extreme weather events—including hurricanes, storms, and floods—affected the U.S., Canada, Europe, the UAE, and Brazil.
For the fifth consecutive year, global insured losses from natural disasters exceeded $100 billion. In the U.S. alone, severe convective storms caused $50 billion in insured damage in 2024. Climate change has risen two spots in the rankings to #5, its highest-ever position in the Allianz Risk Barometer. The risk is escalating in countries such as Australia, Belgium, Canada, India, Kenya, Malaysia, Morocco, Portugal, and South Africa.
#6 Fire and Explosions
Although businesses generally manage fire risks well, fires remain a major cause of business interruptions, particularly when supply chains are concentrated in specific regions or among a few key suppliers.
The growing use of lithium-ion batteries has also increased fire risks. Poor handling, storage, and transportation of these batteries have contributed to a rising number of fire incidents on land and at sea.
#7 Macroeconomic Developments
Global economic growth is expected to remain steady at 2.8% in 2025, the same rate as the previous two years, according to Allianz Research. Despite geopolitical tensions and rising interest rates, growth has remained resilient.
As a result, businesses perceive macroeconomic risks as a lower priority in 2025, with this category dropping to #7 in the rankings.
#8 Market Developments
Despite political crises, wars, and economic challenges, stock markets have continued to rise. Following Donald Trump’s election as the 47th U.S. president, markets surged in anticipation of tax cuts and deregulation, disregarding potential trade tariffs and deportation policies.
Given these uncertainties, businesses are paying closer attention to market developments, which have risen one place to #8 in the risk rankings.
#9 Political Risks and Violence
Key concerns in 2024 included a record number of elections, contested results, government changes, escalating Middle East conflicts, and the ongoing war in Ukraine.
Companies are also closely watching tensions between China and Taiwan, fearing a potential escalation into a regional conflict. These risks have made political instability and violence a significant concern, especially for large and mid-sized businesses.
#10 New Technologies
Since the launch of OpenAI’s ChatGPT in 2022, AI adoption has accelerated dramatically. A 2024 McKinsey survey found that 65% of companies now regularly use generative AI—almost double the rate from 10 months earlier.
However, AI development is advancing faster than regulatory frameworks and risk management controls. Daniel Muller, Emerging Risks and Trends Manager at Allianz Commercial, warns that businesses must adopt AI quickly to remain competitive, even though regulatory gaps pose risks.
With technology evolving at an unprecedented pace, organizations must strike a balance between embracing innovation and managing associated risks.
Download the full Allianz Risk Barometer 2025 report for more insights.
