Cybersecurity incidents now rank as number two on the Allianz Risk Barometer, a report that identifies the most important risk factors for companies.

TechRepublic’s Dan Patterson met with Allianz cybersecurity chief Jenny Soubra to discuss how the report is assembled, and the importance of cybersecurity for SMBs and enterprise companies.

The Allianz Risk Barometer is an annually published report compiled from the company’s top clients and customers’ responses about what they view as their top risks for the coming year. Cyber risk has risen to the top on the list.

Soubra attributed the new risk environment to the globalization of business, shared reliance on common internet infrastructure, service providers, and supply chains.

SEE: Research: Defenses, response plans, and greatest concerns about cybersecurity in an IoT and mobile world (Tech Pro Research)

“The nature of risk is evolving. The rise in cyber-related incidents that have been highly publicized means that cyber risk and business interruption has become a very top concern for companies around the world,” she said.

Every company–large or small– will be or has been impacted by this issue. Soubra said this risk is “not over-hyped” but has been “underappreciated for a very long time.” It’s no longer just a risk for companies with large names and no company is too small to be impacted.

A lack of knowledge about cybersecurity has driven a lot of concern among companies as well, which is most likely a reason why it tops the list. Soubra suggests interface with other humans as the first step companies should take to creating a more secure system. Groups within companies should talk to each other, and work together toward a common goal, she said.

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