Security Enterprise Services

Business Interruptions, Natural Catastrophes Top 2014 Enterprise Risks

Business interruption and supply chain, natural catastrophes and fire/explosion top the list of company risks in 2014, according to the third annual Allianz Risk Barometer.

The study surveyed more than 400 corporate insurance experts from 33 countries, and it highlights the increasing complexity of business risks, including a combination of technological-, economic- and regulatory-related risks, potentially creating a systemic threat for businesses, a Business Wire press release states. Allianz suggests that enterprises can respond to these growing challenges through stronger internal controls, combined with a holistic approach to risk management.

The number-one concern for businesses around the globe is business interruption and supply chain losses, including in the U.S., where 61 percent of participants identified them as the top business risk in 2014. These risks account for around 50-70 percent of all insured property losses – as much as $26 billion per year.

Mid-sized companies are more concerned about fire and explosion, however, and the impact of austerity measures and credit availability.

Even more costly than BI damages, insured losses from natural catastrophes (the second top risk) totaled about $38 billion in 2013. In 2012, due to a more damaging Atlantic hurricane season, natural catastrophe losses reached $75 billion.

Loss of reputation or brand value ranks as one of the top 10 risks for the first time in 2014 as the fourth most frequently cited business risk for U.S. companies. The fifth top risk was cyber crime, which includes IT failures and espionage. 

Did you enjoy this article? Click here to subscribe to Security Magazine. 

You must login or register in order to post a comment.



Image Galleries

ASIS 2013 Product Preview

ASIS International 59th Annual Seminar and Exhibits, September 24-27 in Chicago, Illinois, will include an exhibit hall packed with innovative security solutions. Here are some of the products that will be shown at ASIS this year.


Virtualization and Data Center Security: What You Need to Know for 2014

Data centers are increasingly becoming the center of the enterprise, and data center and cyber security is following the same path for security departments. According to Justin Flynn, a consultant at the Burwood Group, the virtualization of data centers allows enterprises to scale more easily and faster, with a smaller footprint.

However, hosting enterprise data in the cloud can make intrusion detection more difficult – how can enterprise security leaders team up with other departments to keep aware of cyber risks and traffic, and physical and data compliance during the virtual transition? How can CISOs and CSOs discuss cyber threats with the C-Suite to get the resources they need? And how can the proper infrastructure test and verify possible malicious attacks? 

More Podcasts

Security Magazine

Security May 2015 Issue cover

2015 May

In the May 2015 issue of Security, learn how to be the bridge between busieness and security with "customer facing," how to effectively work with your CFO, and covert security.

Table Of Contents Subscribe

Body Cameras on Security Officers

Body cameras are being used increasingly by police in cities across the U.S. Will you arm your security officers with a body camera?
View Results Poll Archive


Effective Security Management, 5th Edition.jpg
Effective Security Management, 5th Edition

 Effective Security Management, 5e, teaches practicing security professionals how to build their careers by mastering the fundamentals of good management. Charles Sennewald brings a time-tested blend of common sense, wisdom, and humor to this bestselling introduction to workplace dynamics. 

More Products

Clear Seas Research

Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications,Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.


Facebook 40px 2-12-13 Twitter logo 40px 2-12-13  YouTube  LinkedIn logo 40px 2-12-13Google+

Vertical Sector Focus: Critical Infrastructures

criticalhomepagethumbFrom terrorism to vandalism, it’s preparedness, response, training and partnerships. Learn about some of the critical security issues facing this sector.

Visit the Critical Infrastructure page to read more.