Many of these risks are already hitting home, with extreme weather, ransomware attacks and regional conflicts testing the resilience of supply chains and business models. The fast pace of change, and the growing interconnected nature of risk, likely necessitates a shift up in gear for many companies when it comes to risk management.
The closely related risk of Business Interruption lists second. Natural Disasters (rising from #6 to #3 from last year), Fires, Explosions (rising from #9 to #6), and Political Instability and Violence (rising from #10 to #8) are rising the most among the top global business risks, according to data derived from the assessments of more than 3,000 risk management professionals.
Examining data from businesses in Greece, it appears that the main risk they face are natural disasters, including storms, floods, earthquakes, fires and extreme weather events. This risk creates significant challenges in the operation and continuity of their business activity.
In addition, main risks for Greek businesses that complete the top five include: Climate Change (physical, operational and financial risks due to global warming), Cyber Security (cyber crimes, IT network and service disruptions, malware/ data removal, data breaches, fines and penalties), the Energy crisis (shortage/disruption of supply chains, price fluctuations), and Macroeconomic developments (inflation, recession, monetary policies, austerity programs).
It is important to note that the threats that preoccupied the business world last year regarding environmental and climate change issues continue to affect business. This indicates the need for insurance companies to adopt a more detailed and targeted approach to better protecting businesses in this area.
In addition, according to the Allianz report, the threats faced by businesses vary according to the size of each organization. However, it is important to note that the main risk faced by both large and small and medium-sized enterprises, which are essentially the backbone of Greek entrepreneurship, are cyber security incidents.
