And Pearson says IT security isn't enough to address the risk. “A comprehensive set of information and network-security policies and procedures backed by the board of directors is essential,” he says. “They also need to be properly implemented, tested and updated on a regular basis to ensure the risk-management approach is adequate.”

Pearson points to the link between cyber and another rising risk in 2014—loss of reputation, brand value, which jumped four spots from last year to place sixth among respondents' concerns—to show that many top risks are actually interconnected.

“Industry reports indicate that if a company loses someone's data then that person's trust in that company diminishes. It damages their brand and reputation. This shows such risks can have a cumulative effect,” says Pearson.

With respect to the top risk on the barometer, business interruption/supply chain, Allianz says global supply chains work “to an ever-tighter set of interdependencies, where 'just-in-time' and 'lean manufacturing' have become standard practices.” Furthermore, Allianz notes that companies increasingly source globally, and in areas prone to increasingly disruptive natural catastrophes.

Volker Muench, AGCS property expert, says, “Revenues, profits, reputation, market position and share price are seen as the pillars of corporate resilience; a blow to any of these could cause serious issues for a company and its management team.

“Yet all are at risk of crumbling if an organization cannot maintain its supply chain of raw materials or critical-component parts.”

AGCS, citing Swiss Re estimates, says BI and supply-chain-related losses typically account for 50% to 70% of insured property-catastrophe losses—as much as $26 billion a year.

Other risks appearing in the top-10 on the Allianz Risk Barometer include: market stagnation/decline, which ranked fifth (up three spots compared to 2013); intensified competition, which ranked seventh (down two spots); theft, fraud and corruption, which ranked ninth (up two spots); and quality deficiencies/serial defects, which ranked tenth (down four spots).