Cybersecurity incidents, including cybercrime, IT network and service disruption, malware/ransomware, data breaches, fines, and penalties are the top risks faced by Greek businesses, as well as international companies, according to an Allianz Risk Barometer report.
Analyzing data about businesses in Greece, other serious risks emerging concerning Greek companies include natural disasters, encompassing storms, floods, earthquakes, fires, and extreme weather phenomena. This risk poses significant challenges to the operation and continuity of their business activities.
Additionally, the most critical risks for Greek businesses supplementing the top five include Climate Change (natural, operational, and economic risks due to planetary warming), Cybersecurity (cybercrimes, network, and IT service disruptions, malicious software/data theft, data breaches, fines, and sanctions), Energy Crisis (supply chain shortages/interruptions, price fluctuations), and Macroeconomic Developments (inflation, recession, monetary policies, austerity programs).
CEO of Allianz Commercial Petros Papanikolaou, who succeeded Joachim Müller as CEO of Allianz Global Corporate & Specialty SE on January 1st, remarked that risks covered in the Allianz Risk Barometer, reflect the critical issues companies worldwide are currently facing – digitization, climate change, and geopolitical uncertainty. “Many of these risks have already manifested tangible impacts, with extreme weather events, ransomware attacks, and regional conflicts expected to further test the resilience of supply chains and business models in 2024. Insurers and clients of insurance companies must stay informed and adjust their insurance coverage accordingly,” he noted.
