24 Jan SA risks infrastructure blackouts and cyber incidents

According to the Allianz Risk Barometer 2023, critical infrastructure blackouts and cyber incidents are the top threats facing South Africa this year.

The yearly business risk ranking is compiled by Allianz Global Corporate & Specialty, the Allianz Group’s corporate insurer, together with other Allianz entities. It takes into account the views of 2,712 risk management experts.

The threat of cyber incidents – such as IT outages, ransomware or data breaches – ranks as the most anticipated risk globally for the second year in a row. In South Africa it is ranked second – dropping down from the top spot locally for 2022.

Critical infrastructure blackouts took the number one spot in South Africa – rising from its third spot place in 2022. The risks include factors such as power disruption or failure of ageing rail tracks, dams and bridges.

The top 10 risks for South Africa are:

1 – Critical infrastructure

2 – Cyber incidents

3 – Business interruption

4 – Climate change

5 – Political risks and violence

6 – Energy crisis

7 – Natural catastrophes

8 – Fire, explosion

9 – Changes in legislation and regulation

10 – Macroeconomic developments