Cyber threat tops business risk fear in Africa – Survey

The threat of being attacked with cyber ransomware on infrastructures of business has topped the major worry for business owners across Africa and the Middle East, a survey by the Allianz Allianz Global Corporate & Specialty (AGCS) has found.

The survey, which solicited the views of 2,650 experts in 89 countries and territories, including CEOs, risk managers, brokers and insurance experts, reported that respondents identified political risks and violence as well as macroeconomic developments as a danger to their corporations in Nigeria.

The report quoted the CEO of AGCS, Joachim Mueller, that for disruption of supply chain due to the pandemic and other factors was the biggest fear of companies as “Not being able to produce their products or deliver their services” is a threat to them and their workforce.

“2021 saw

unprecedented levels of disruption, caused by various triggers. Crippling cyber-attacks, the supply chain impact from many climate change-related weather events, as well as pandemic-related manufacturing problems and transport bottlenecks, wreaked havoc.”

However, Mueller stated that the year would only offer a gradual easing of the situation as further COVID-19-related problems cannot be ruled out.

“Political risks and violence moved from sixth to fourth due to the number, scale and duration of riots and protests such as civil unrest and looting in South Africa. Changes in legislation and regulation move up three places for fifth in the region.”

AGCS’ Head of Global Political Violence and Hostile Environment Solutions, Bjoern Reusswig, observed that civil unrest has soared in the regions and is driven by protests on issues ranging from economic hardship to police brutality, which have affected citizens around the world.