The Operational Excellence Tools Series | #39: Cyber & AI Emerge as the Top Global Business Risks in 2026 (Allianz).

Welcome to the unique weekend article for the Loyal Fan subscribers-only edition.

This is the #39 article of The Operational Excellence Tools Series.

Outlines and Key Takeaways

Part 1 – Official Announcement

Part 2 – Background and Meaning

Part 3 – Analysis Through the Lens of Operational Excellence

Part 4 – Lessons for Businesses

Part 5 – Conclusion

PART 1: OFFICIAL INFORMATION

In early 2026, Allianz released the Allianz Risk Barometer 2026, an annual report compiling insights from risk management professionals, insurance experts, and business leaders worldwide. This report is regarded as one of the most important reference documents on enterprise risk, because it directly reflects the perceptions and priorities of those who are responsible for managing real-world risks within organizations, rather than relying solely on academic analysis or theoretical forecasts.

According to the Allianz Risk Barometer 2026, cybersecurity and AI-related risks were ranked for the first time as the top global risks, surpassing traditional risk categories such as macroeconomic volatility, supply chain disruption, labor shortages, and geopolitical instability. This result reflects a clear shift in how companies perceive the most significant threats to their operational capability and long-term survival.

Allianz emphasizes that in 2026, technology risk is no longer a supporting or secondary risk, but has become a core risk of the business model. Threats such as large-scale cyberattacks, data breaches, IT system disruptions, along with new risks arising from the deployment of AI and generative AI, are directly impacting revenue, brand reputation, regulatory compliance, and the ability of enterprises to operate continuously.

One important point highlighted by Allianz is that the nature of cyber risk in 2026 has changed. Whereas cybersecurity was previously viewed primarily as a technical or IT issue, it has now become a strategic risk, directly linked to data governance, decision-making, legal liability, and customer trust. Allianz notes that many companies are not only concerned about the likelihood of being attacked, but also about the cascading consequences when an incident occurs, including prolonged operational disruption, significant financial losses, and loss of market confidence.

Alongside cybersecurity, **AI—particularly generative AI—**is grouped by Allianz among the top risk categories, not because AI is inherently “dangerous” from a technological standpoint, but because AI is being deployed faster than the current governance systems can control. The report points out that many companies have introduced AI into core activities such as customer service, data analysis, decision support, and process automation, without having yet established adequate risk governance frameworks, clear accountability, and effective monitoring mechanisms.

Allianz warns that AI risk does not lie solely in technical errors, but also in issues such as lack of transparency in decision-making, data bias, privacy violations, legal liability when AI causes harm, and loss of control in complex automated systems. These factors explain why AI is assessed by risk experts as one of the key drivers of increased operational uncertainty for enterprises in 2026.

Compared with previous years, the Allianz Risk Barometer 2026 shows a relative decline in the priority ranking of traditional economic risks. Factors such as inflation, recession, and interest rate volatility continue to be closely monitored, but are no longer seen as the most severe threats. Allianz explains that many companies have adapted more effectively to volatile economic conditions, while technology risks are perceived as more unpredictable, fast-spreading, and capable of paralyzing entire systems within a short period of time.

The report also notes that cyber and AI risks are highly cross-industry in nature. Not only technology and financial services companies are affected, but industries such as manufacturing, logistics, energy, retail, and healthcare also rank cyber risk among their top priorities. This reflects the reality that every company today is a technology company to some extent, and growing dependence on digital systems has made technology risk a shared operational risk across the entire economy.

Allianz further highlights that the interconnectedness of risks is increasing. A single cybersecurity incident can quickly trigger supply chain disruption, loss of customer data, regulatory violations, and a communications or reputational crisis. This amplifying effect is a key reason why cyber and AI risks are classified as “multiplier risks”, capable of intensifying multiple other risks simultaneously.

From Allianz’s perspective, the fact that cyber and AI risks top the 2026 rankings is not unexpected, but rather the logical outcome of years of digitalization and automation. However, the report also stresses that many organizations are still investing in technology faster than they are investing in risk governance, creating a dangerous gap between technological capability and control capability.

The Allianz Risk Barometer 2026 therefore is not merely a list of risks, but a clear warning signal: in the coming period, the ability to govern cybersecurity and AI will become a decisive factor distinguishing enterprises that can operate sustainably from those that are highly vulnerable to systemic shocks.