Cybersecurity remained the top risk concern among corporate leaders for a fifth year in a row, but AI jumped into the number two position, according to a report released Wednesday from Allianz Commercial.
AI rose sharply from the number 10 spot to the second biggest concern, indicating growing interest in how the technology might improve productivity, while also creating novel security challenges, according to the annual Allianz Risk Barometer.
“Companies increasingly see AI not only as a powerful strategic opportunity, but also as a complex source of operational, legal and reputational risk,” Allianz chief economist Ludovic Subran told Cybersecurity Dive. “In many cases, adoption is moving faster than governance, regulation and workforce readiness can keep up.”
As more companies work to scale AI adoption, they will encounter problems with system reliability, constraints over data quality, integration hurdles and shortages of qualified talent, Subran added.
The report is based on a survey of more than 3,300 risk management experts across 97 countries.
In the U.S., specifically, cybersecurity continued to top risk concerns, followed by business interruption and changes in legislation and regulations. AI risk came in as the fourth biggest concern domestically.
The report highlights how rapid advances in connected technology and digital transformation have impacted the corporate landscape.
A report from Moody’s earlier this month revealed growing fears of AI-enabled cyberattacks, as well as concerns about the expanded use of agentic AI.