Cyberattacks tops list of Swiss firms’ worries for 2022

Ransomware and other disruptive forms of cyber-attacks continue to trouble businesses Keystone / Rob Engelaar

Ransomware demands, interruption of business and market fluctuations are the top risks Swiss companies expect to face in 2022, according to the Allianz Risk Barometer.

In Switzerland, cyberattacks (rank 1 with 61%) and business interruption (rank 2 with 57%) dominate risks companies fear the most in 2022. Market changes, such as those caused by volatility, increased competition or new competitors, stagnating markets or market fluctuations (25%), follow in third place. 

The fact that cyber incidents occupy the top spot this year is mainly due to the increase in ransomware attacks, according to Allianz.
“Ransomware has become a big business for cyber criminals, who are refining their tactics, lowering the barriers to entry for as little as a $40 subscription and little technological knowledge. The commercialization of cyber crime makes it easier to exploit vulnerabilities on a massive scale. We will see more attacks against technology supply chains and critical infrastructure,” said Scott Sayce, Global Head of Cyber at Allianz Global Corporate & Specialty (AGCS).  

Interruption to business also remains a dominant theme for companies. In a year marked by widespread disruption, the extent of vulnerabilities in modern supply chains and production networks has become more apparent than ever.

“The pandemic has exposed the extent of interconnectivity in modern supply chains and how multiple unrelated events can come together to create widespread disruption. For the first time the resilience of supply chains has been tested to breaking point on a global scale,” said Philip Beblo, Property Industry Lead, Technology, Media and Telecoms, at AGCS.

Other risks

The risk posed by changes in legislation such as trade and tariff disputes, protectionism, Brexit or European Union zone disintegration came in 4th place (25%). The biggest climber was climate change (5th place with 17%). Surprisingly, concerns about Covid-19 or another pandemics are of much less concern to companies than they were in 2021 (6th place with 15%).

New in the top ten are the risk of skills shortages, which ranks 7th (12%), as well as concerns about critical infrastructure failure (9th with 11%) and loss of reputation (also 9th with 11%). 

The annual survey from Allianz Global Corporate & Specialty (AGCS) incorporates the views of 2,650 experts in 89 countries and territories, including CEOs, risk managers, brokers and insurance experts.