Cybersecurity threats, including ransomware, data breaches, and IT disruptions, have remained the leading concern for businesses globally and in the U.S. over the past year, as revealed by the Allianz Risk Barometer.

For the fourth year in a row, cyber incidents have ranked as the top global business risk, cited by more than one-third of respondents in the survey. The gap between cyber risks and the next major concern—business interruption—was the largest ever recorded, with a 7% margin.

The findings are based on responses from nearly 4,000 risk management professionals across 106 countries and territories, including risk managers, brokers, CEOs, and insurance experts. Among these, 60% identified data breaches as their primary cyber-related worry, while 57% expressed concerns over attacks on critical infrastructure and physical assets.

Operational resilience has emerged as a priority for business leaders, focusing on maintaining business continuity during cyberattacks and other disruptive events. Business interruption was ranked as the second-biggest global concern, with supply chains facing significant challenges over the past year.

A notable example underscoring the critical nature of IT security was the widespread disruption in July 2024, when a faulty CrowdStrike software update affected millions of Microsoft computer systems worldwide.

“While many organizations strive to implement comprehensive strategies for disaster recovery and business continuity, there remains a concern that contingency plans themselves may be overly dependent on technology, highlighting the need for diverse and adaptable solutions,” said Michael Bruch, global head of risk advisory services at Allianz Commercial, in the report.

Ransomware continues to be a dominant issue, representing the largest cause of cyber insurance losses. During the first half of 2024, ransomware accounted for 58% of the value of significant cyber insurance claims, the report revealed.

For U.S. companies, cyber risks replaced business interruption as the top concern in 2024, reflecting the growing challenges organizations face in safeguarding their operations against evolving threats.