Cyber Threats Dominate Global Risk Landscape as AI Emergence Reshapes 2026 Outlook

Cyber incidents have solidified their position as the top global business risk for 2026, extending a five-year reign with a commanding 10-percentage-point lead over artificial intelligence, according to Allianz Commercial’s Risk Barometer 2026 report.

The hierarchy of top global business risks reveals a fundamentally transformed business environment compared to a decade ago, when cyber incidents ranked only eighth. The latest findings show that cybersecurity concerns now top the priority list across all company sizes and nearly every industry sector globally, Allianz Commercial said.

Artificial intelligence has emerged as the most dramatic mover, climbing from 10th position a year ago to second place as organizations grapple with the implications of accelerated AI adoption. According to the report, the two risks have become closely interconnected, with both now consistently ranking in the top five concerns across nearly all industries.

The data suggests this reflects growing uncertainty about AI’s trajectory within organizations, with close to half of respondents believing AI brings more benefits to their industry than risks, while a fifth hold the opposite view, the report noted.

“Given the continuing rise of AI across society and industry, it is unsurprising that it is the big mover in the Allianz Risk Barometer,” said Allianz Commercial CEO Thomas Lillelund. “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.”

Rounding out the top five business risks globally in 2026 are business interruption and supply chain disruption at third, legislative and regulatory changes at fourth, and natural catastrophes at fifth. The drop in natural catastrophe rankings from third place in 2025 was driven by a quieter 2025 hurricane season, though insured losses from catastrophic events still reached $100 billion, maintaining a troubling six-year trend, Allianz Commercial said.

Ranking Top Risks Globally

Among U.S. respondents to the Allianz Commercial survey, the top 3 business risks were: cyber, unchanged from the previous year, followed by business interruption and changes in legislation.  Rounding out the top five risks in the U.S. are AI and Natural Catastrophes. A new addition to the top 10 U.S. rankings is Political Risks and Violence coming in at #10, the report noted.

Cyber was also the No. 1 risk in France, Germany, India, Italy , Japan, Portugal, South Africa, Spain and the UK, according to the Risk Barometer.

AI is the top business risk in Australia, Brazil, and Colombia, all of which named cyber as the No. 2 risk. Two countries — China and Singapore — ranked business interruption as the top risk, and Canada named changes in legislation the top risk.

Understanding the Interconnected Risk Web

The report highlights that today’s business risks rarely exist in isolation. Geopolitical tensions are placing unprecedented pressure on supply chains, yet only 3% of respondents view their supply chains as “very resilient.” Political risks and violence has climbed to its highest-ever position at seventh globally, with war, civil unrest, and terrorism emerging as primary concerns.

Regulatory divergence is crystallizing as a defining challenge for 2026, as major jurisdictions move in distinctly different directions regarding digital, AI, prudential, and sustainability rules. This fragmentation is forcing organizations to navigate increasingly complex compliance landscapes while simultaneously managing macroeconomic headwinds, including a fifth consecutive year of rising global business insolvencies, the report said.

Building Resilience Through Strategic Integration

Michael Bruch, Global Head of Risk Consulting Advisory Services at Allianz Commercial, emphasized that organizations must adopt a comprehensive approach to thrive amid this complexity: “Those business that can develop integrated risk management and resilience strategies – that are forward-looking, strategic and functional, and agile enough to adapt to rapid change – will be best placed to capture opportunities presented by transformative technologies and seismic changes in geopolitical and societal trends.”

View the full report here. &