TheCorporateCounsel.net

Allianz has issued its 13th annual “risk barometer,” which identifies the top 10 risks for the upcoming year based on a survey of 3,069 respondents from 92 countries including Allianz customers, brokers, industry trade organizations, risk consultants, underwriters, senior managers, claims experts, as well as other risk management professionals in the corporate insurance segment.

“Cyber incidents” tops the list again after taking the top spot last year, but for the first time by a clear margin and across all company sizes. The report described AI’s contributions to increasing cyber threats:

AI adoption brings numerous opportunities and benefits, but also risk. Threat actors are already using AI-powered language models like ChatGPT to write code. Generative AI can help less proficient threat actors create new strains and variations of existing ransomware, potentially increasing the number of attacks they can execute. An increased utilization of AI by malicious actors in the future is to be expected, necessitating even stronger cyber security measures.

Voice simulation software has already become a powerful addition to the cyber criminal’s arsenal. Meanwhile, deepfake video technology designed and sold for phishing frauds can also now be found online, for prices as low as $20 per minute.

ICYMI, even your annual meeting isn’t safe! On other happy topics, “business interruption” (including supply chain disruption), which has frequently been a top risk in years past, is now at no. 2 followed by “natural catastrophes.” I promise my intention was not to disrupt your sleep tonight when I started writing this blog…

– Meredith Ervine