According to the latest Allianz Risk Barometer 2026, cyber incidents continue to top the list of global business concerns, while the rapid adoption of artificial intelligence (AI) emerges as the fastest-growing risk, now ranking second.
Cyber Incidents: A Persistent Threat
According to the latest Allianz Risk Barometer 2026, cyber threats remain the number one concern for companies for the fifth consecutive year, accounting for 42% of global responses. These threats range from ransomware to sophisticated distributed denial‑of‑service (DDoS) floods and data breaches, impacting companies across industries and geographies.
From aviation and telecommunications to finance and hospitality, cyber risks affect virtually every industry and region, reflecting businesses’ growing dependence on digital systems, explains Michael Bruch, Global Head of Risk Consulting at Allianz Commercial:
“While large corporations benefit from investments in cybersecurity and resilience, threats are constantly evolving. The increasing reliance on third-party suppliers and AI-driven systems expands the attack surface and exacerbates vulnerabilities.”
In France, cyber incidents remain the top concern for the fourth consecutive year, ahead of natural disasters and fire/explosion risks. SMEs, in particular, are under pressure due to limited resources to safeguard digital infrastructure.
In the country, incidents have been both frequent and disruptive: public institutions, universities, and financial services have all been targeted. For instance, the French postal service and La Banque Postale suffered a significant cyberattack in December 2025 and again in 2026, which disrupted online access to banking and postal services, highlighting how attackers increasingly aim at critical national infrastructure and everyday services.
AI: Rising Risks and Opportunities
The most striking change in the 2026 Risk Barometer is the leap of artificial intelligence from the 10th to the 2nd position globally (32% of respondents), marking the largest increase in the ranking. AI is now a major concern across industries and regions, including the Americas, Asia-Pacific, Europe, Africa, and the Middle East, notes Ludovic Soubran, Chief Economist at Allianz:
“AI offers enormous strategic opportunities but also introduces operational, legal, and reputational risks.”
Rapid adoption of generative and agentic AI raises questions about system reliability, data quality, IT integration, and accountability for automated decisions. Companies also face potential liability from biased or discriminatory AI models, misuse of intellectual property, and unpredictable outcomes. In France, AI enters the top 10 risks for the first time, taking 8th place with 15% of responses.
For Thomas Lillelund, CEO of Allianz Commercial:
“AI has transformed risk perceptions globally. Alongside traditional threats, it presents a complex challenge for companies of all sizes, requiring agile governance and innovative risk mitigation strategies.”
Interruption of Operations and Geopolitical Risks
For the first time, operational interruptions are not among the top two global risks, though they remain a major concern at third place. These interruptions are closely linked to geopolitical tensions, which have continued to reshape the global business landscape.
The year 2025 was marked by a shift toward protectionist trade policies and trade wars, creating significant uncertainty in the global economy. Regional conflicts—such as the ongoing war in Ukraine, border disputes between India and Pakistan, tensions between Thailand and Cambodia, and civil wars in parts of Africa—added further pressure. In 2026, geopolitical volatility persists, notably with U.S. intervention in Venezuela.
These developments are straining supply chains. Only 3% of respondents to the Allianz Risk Barometer consider their supply chains “very resilient.” In 2025 alone, trade restrictions tripled, affecting $2.7 trillion in goods, nearly 20% of global imports, according to Allianz Trade. This has prompted companies to explore strategies such as friendshoring (relocating production to friendly countries) and regionalization to mitigate risk.
Perception of operational interruption risk remains high: 29% of respondents rank it among the top threats, making it the third most significant risk globally, though slightly lower than in 2025.
Political risk and violence have also climbed, reaching 7th place, the highest level ever recorded in the survey. Closely related, regulatory and legislative changes, including tariffs and trade barriers, remain in 4th place. Growing protectionist concerns have led more companies to view these risks as critical. Indeed, a supply chain paralysis triggered by a geopolitical conflict is now considered the most likely “black swan” scenario over the next five years by 51% of respondents.
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Other Key Risks
Natural disasters: Ranked 5th globally, reflecting a less severe 2025 hurricane season. In France, they remain the second biggest concern.
Fire and explosions: Move up to 3rd place in France, highlighting ongoing operational vulnerabilities.
Climate change, regulatory changes, market developments, and macroeconomic shifts: Also feature prominently, reflecting a broad spectrum of pressures affecting global businesses.
What Can Businesses Do?
These findings highlight the interconnected nature of modern business risks: geopolitical instability, trade disruptions, and regulatory uncertainty increasingly amplify operational vulnerability. Companies must adopt flexible supply chain strategies and proactive risk management to navigate this volatile environment.
Allianz 2026 Risk Barometer – Top 10 Risks in France
| Risk | Percentage | 2025 Rank | Trend |
|---|---|---|---|
| Cyber incidents (e.g., cybercrime, IT/network outages, malware/ransomware, data breaches, sanctions) | 40% | 1 (44%) | → |
| Natural disasters (e.g., storm, flood, earthquake, wildfire) | 27% | 2 (31%) | → |
| Fire, explosion | 27% | 5 (22%) | ↑ |
| Business interruption (including supply chain disruption) | 25% | 2 (31%) | ↓ |
| Political risk (e.g., instability, war, terrorism, coups, social unrest, strikes, riots, looting) | 23% | 4 (27%) | ↓ |
| Climate change (e.g., physical, operational, and financial risks from extreme weather) | 22% | 6 (18%) | → |
| Regulatory and legislative changes (e.g., new directives, protectionism, ESG and sustainability requirements) | 18% | 7 (16%) | → |
| Artificial intelligence (e.g., implementation challenges, liability risks, misinformation) | 15% | NEW | ↑ |
| Market developments (e.g., increased competition/new entrants, M&A, market fluctuations) | 14% | 8 (12%) | ↓ |
| Macroeconomic developments (e.g., inflation/deflation, monetary policy, austerity programs) | 11% | NEW | ↑ |
