The growing threat of cyber-attack and the impact of artificial intelligence are the two biggest threats for business according to the latest risk barometer from insurer Allianz.

The report found cyber incidents are still the biggest worry for companies globally in 2026. The past year has also been a significant one for accelerated adoption of artificial intelligence (AI), which is reflected in its ranking as the biggest riser in the annual survey at number two as a complex source of operational, legal, and reputational risk for businesses.

However, close to half of respondents believe AI is bringing more benefits to their industry than risks. However, a fifth says the opposite. For the first time ever, Business interruption is not in the top two risks, dropping to #3.  Yet, this peril remains a significant concern given it can be a consequence of other risks in the global top 10.

Allianz Commercial CEO Thomas Lillelund said: “Following the volatility and uncertainty of 2025, businesses continue to face interconnected and highly complex risks in 2026’s fast-changing environment. Given the continuing rise of AI across society and industry, it is unsurprising that it is the big mover in the Allianz Risk Barometer. As well as bringing huge opportunities, its transformative potential and rapid evolution and adoption are also reshaping the risk landscape, making it a standout concern for firms of all sizes worldwide, alongside other more established threats.”

In 2026, cyber incidents is the top global risk for the fifth year in a row, with its highest-ever score (42% of responses), and by a higher margin than ever before (+10%). It ranks as the main corporate concern in every region (Americas, Asia Pacific, Europe, and Africa and Middle East). The continued presence of cyber at the top of the Allianz Risk Barometer reflects a deepening reliance on digital technology at a time when the cyber threat landscape, and geopolitical, and regulatory environments, are fast evolving. Recent high-profile cyber-attacks underline the continuous threat to businesses of all sizes. Smaller and mid-sized enterprises are increasingly targeted and under pressure due to a lack of cyber security resources.

“Large companies’ investments in cyber security and resilience have been paying off, ensuring they can detect and respond to attacks early. However, cyber risk continues to evolve. Organizations are increasingly reliant on third party providers for critical data and services, while AI is supercharging threats, increasing the attack surface and adding to existing vulnerabilities,” explained Michael Bruch, Global Head of Risk Consulting Advisory Services, Allianz Commercial.

Unsurprisingly AI has surged into the top tier of global business concerns, rising to second (32%) in 2026 from tenth in 2025 – the biggest jump in this year’s ranking. It is ranked second in the Americas, Asia Pacific, and Africa and the Middle East, and third in Europe – and is a growing risk for companies of all sizes too, moving into the top three for large, mid-sized and smaller firms. As AI adoption accelerates and becomes more deeply embedded in core business operations, respondents expect AI-related risks to intensify, especially when it comes to liability concerns. The rapid spread of generative and agentic AI systems, paired with their growing real-world use, has raised awareness of just how exposed organizations have become.

“Companies increasingly see AI not only as a powerful strategic opportunity but also as a complex source of operational, legal and reputational risk. In many cases, adoption is moving faster than governance, regulation, and workforce readiness can keep up,” added Ludovic Subran, chief economist, Allianz. “As more firms attempt to scale in 2026, they will face greater exposure to system-reliability issues, data-quality constraints, integration hurdles, and skilled talent shortages. Meanwhile, new liability exposures are emerging around automated decision-making, biased or discriminatory models, intellectual-property misuse, and uncertainty over who is responsible when AI-generated outputs cause harm.”