Traditional industrial concerns may continue to worry businesses across the Americas region the most, but companies are also increasingly aware of new challenges posed by today’s fast-paced, interconnected corporate environment, according to a new study.
Business interruption (BI) and supply chain risk, natural catastrophes and fire/explosion are the top concerns that continue to occupy the attention of
businesses across the Americas region in 2015.
However, companies are also increasingly aware of the growing threat posed by a number of emerging perils such as cyber risks and a shortage in skilled talent, according to the fourth annual Allianz Risk Barometer, which quizzes both risk managers and corporate insurance experts in the aviation; engineering and construction; financial services; food and beverage; manufacturing; marine and shipping; oil and gas; power and utilities and transportation sectors.
Top 10 business risks in 2015: Americas
Across the Americas region cyber risk, including cyber crime, IT failures, espionage and data breaches, is the big mover in this year’s top 10 business risk rankings rising from 8th position a year ago to 4th position in 2015, with it now being ranked as the third top risk for businesses after BI and supply chain and natural catastrophes in the US.
Meanwhile, a combination of shortage of skilled talent, together with an aging workforce is deemed an increasing concern and a new entry in the top 10 risks in the US, ensuring it also rises year-on-year in the regional rankings, up to 7th top risk from 9th.
Theft and manipulation of data is the scenario companies
fear most from a cyber-attack, according to 64% of
responses to the Allianz Risk Barometer.
Concerns over quality deficiencies and serial defects and commodity price increases are also higher year-on-year across the Americas, compared with 2014, replacing worries over theft, fraud and corruption and market stagnation and decline in the top 10. However, businesses in this region are still concerned about intensified competition across the board with this issue judged to be more of a concern than it was 12 months ago, with the exception of in the US.