Cyber security, supply chain disruptions and resilience and environmental issues dominate two key reports released last week .
World Economic Forums Global Risk Report and Allianz Global Corporate & Specialty SE continued influence on other risks with the covid-19 pandemic, which in itself is still ranked among the highest exposures.
and natural disasters as the major global business risks for 2022. Climate change ranked sixth, its highest ranking ever, rising three places from the 2021 barometer.
Cyber regained the top spot after slipping to second last year, noted Rani Christie, Regional Distribution Manager, North America, in Alpharetta, Georgia, for AGCS.  "Ransomware attack ks, data breaches and IT outages are at unmatched levels. "We have seen a trend in recent years almost as a commercialization of cybercrime activities," said Christie.
global reach, he said.
The WEF's global risk report identified increased risks to the supply chain and cyber among the main short-term challenges, as climate and environmental issues dominated the long-term. The report is based on the organization's Global Risk Perception Survey, which uses 959 responses from professionals across eight regions in technology, economics and other areas. like working from home, which in turn increased cyber exposure, says Colleen Zitt, Risk Manager at Zurich North America in Schaumburg, Illinois.
"The digital transformation and working from home has really attracted bad cyber actors and ultimately increased the risk. to companies and companies, she says. "Last year's report said that covid would overshadow much of the risk landscape. This year, it has not disappeared, as evidenced by how covid-19 drives and causes things as a consequence. "
" The remote work environment we have been in recent years, it has obviously created vulnerability, "said Christie.  The pandemic has functioned almost as a stress test for business systems such as supply chains, highlighting weaknesses.
"We began to see where the boundaries of our supply chain and resilience were," said Reid Sawyer, head of the new risk group and US cyber consulting firm in Chicago for Marsh LLC.
to deal with exposures, said Mr. Sawyer. "How do you stress test for pandemics, even the environment, because all of these things cross supply chains at some point." said Christie, again showing how the dangers affect each other. "The crisis impact of business disruption is massive," he said.
Environmental considerations dominated the WEF Global Risk Report's long-term view, with "climate failure," "extreme weather events" and "biodiversity loss" ranking the three most serious risks over a 10- annual horizon. "It is clear that a transition from fossil fuels is needed," said Zitt.
Mr. Sawyer said that climate change poses some of the same extensive risk and exposure challenges as covid-19. “How do we think about systemic risks? It's the same system dynamics that are now being tested in ways they have not been in the last 10 to 15 years, "he said.