At the same time, concerns related to artificial intelligence have surged globally and now rank as the top business risk for companies in Hungary, overtaking cyber incidents.

The findings come from the 15th edition of the Allianz Risk Barometer, which is based on the views of more than 3,300 risk management experts from nearly 100 countries.

The survey shows that cyber incidents will continue to pose the greatest business risk worldwide in 2026, with cyberattacks again leading the global ranking for the fifth year in a row.

Cyber Incidents Dominate, AI Shows the Biggest Jump

Following a year in which cyber incidents repeatedly made headlines, their dominance in the 2026 risk ranking comes as little surprise. Cyber risks achieved their highest-ever score in the survey, cited by 42% of respondents, and now hold a 10 percentage point lead over the second-ranked risk.

Cyber incidents are ranked as the No. 1 corporate risk in every region, including the Americas, Europe, the Asia-Pacific region, and Africa and the Middle East.

At the same time, artificial intelligence recorded the largest year-on-year rise in the ranking. AI-related risks jumped from 10th place last year to second place globally, cited by 32% of respondents. While nearly half of those surveyed believe AI brings more benefits than risks to their industry, one in five respondents holds the opposite view.

For the first time, business interruption did not rank among the top two risks globally, slipping to third place in 2026.

Natural catastrophes fell to fifth place, partly due to the relatively low-loss 2025 hurricane season. Political risks and related violence rose to seventh place, driven by growing geopolitical uncertainty and global conflicts.

Thomas Lillelund, CEO of Allianz Commercial, said companies will continue to face complex and closely interconnected risks in a rapidly changing environment in 2026, following the volatility and uncertainty that characterized 2025.

Persistent Cyber Threats Across All Company Sizes

The sustained prominence of cyber risks is reinforced by companies’ increasing reliance on digital technologies. Businesses are entrusting growing volumes of critical data to external service providers, while AI is amplifying threats, expanding attack surfaces and exacerbating existing vulnerabilities.

Cyberattacks pose a continuous threat regardless of company size, which is a particular warning for small and medium-sized enterprises that typically have more limited cybersecurity resources.

AI Brings Opportunity and New Forms of Risk

AI-related risks rank among the top three threats for large, medium-sized and small companies alike. The rapid spread of generative and autonomous AI systems is raising concerns around liability, governance, data quality, system integration and the availability of skilled labor.

Allianz experts also expect new risks to emerge in areas such as automated decision-making, biased or discriminatory models, intellectual property infringement and uncertainty over liability for damages caused by AI systems. In many cases, the pace of AI adoption is outstripping companies’ governance frameworks, regulatory readiness and workforce preparedness.

Hungary: AI Risks Move to the Top

Global trends are clearly reflected in Hungary. AI-related risks jumped from second-to-last place last year to first place on the Hungarian top 10 list, signaling that Hungarian companies are particularly sensitive to the operational, legal and reputational risks associated with the rapid deployment of new technologies.

“AI is now a basic condition of competitiveness and an integral part of Allianz’s innovation strategy, supporting intelligent and sustainable growth, as it significantly contributes to improving customer satisfaction, operational efficiency and the employee experience. At the same time, as the results of the Risk Barometer clearly show, it is also one of the most serious risks facing companies,” said Levente Vámos, head of the sales and network management division at Allianz Hungária Zrt.

“That is why it is crucial that, alongside leveraging the opportunities offered by AI, companies consciously prepare to manage these risks as well, for example by building the necessary expertise, ensuring the security and transparency of the technology, and complying with legal and compliance requirements,” he added.

In Hungary, both AI and cyber risks saw sharp increases in mentions. AI-related risks rose from 17% to 39%, while cyber risks increased from 20% to 37%. As a result, cyber incidents moved up from fifth to second place. Regulatory and legislative changes, last year’s top risk, slipped to third place, while concerns related to changes in the macroeconomic environment fell from second to seventh.

“With technological development and digitalization, the risks associated with them pose an increasing threat to all companies, regardless of size,” Vámos noted. “Smaller businesses are often more vulnerable, as while they are also increasingly relying on digital technologies, they frequently have limited resources for cybersecurity, business continuity and legal compliance.”

“Their supply chains are also less flexible, as they often depend more heavily on a small number of suppliers or local partners. That is why it is especially important for them to consciously prepare to manage these risks and to have adequate insurance coverage for their operations,” he explained.

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