UNTERFOEHRING (dpa-AFX) - Artificial intelligence (AI) has, according to Allianz, become one of the greatest global business risks for companies. In the insurer Allianz Commercial's new "Risk Barometer," AI has surged from tenth to second place, just behind the long-standing leader, cybercrime.
The two are closely linked: Criminal hackers are increasingly using AI to carry out their attacks. However, according to the Risk Barometer, the use of AI can also be dangerous for a company even without malicious intent—for example, if managers and employees make poor decisions based on incorrect data and information.
The Top Three Risks Are Interconnected
This year, business interruption ranks third among the world's greatest business risks. Here, too, there is a connection to cyberattacks: A common cause of business interruption is online extortion, where hackers cripple a company's computer systems through encryption and then demand large sums for decryption.
Allianz Commercial is a subsidiary of the Munich-based DAX-listed group, and the company publishes its "Risk Barometer" annually at the beginning of the year. The assessment is based on a survey of 3,338 professionals from 97 countries conducted last autumn. Respondents include executives and managers from other companies, risk and claims advisors, insurance brokers, industry association experts, and Allianz employees. The responses differ from country to country, but not fundamentally: For example, AI risks ranked fourth in Germany, second in Switzerland, and even first in Austria.
AI: Both a Blessing and a Curse
AI is thus a double-edged sword: The majority of companies see the technology as an opportunity, not least for the automated defense against malicious cyberattacks. Yet many of the experts surveyed also see significant dangers: AI poses an ever-accelerating risk, said Michael Furtscheller, regional business leader for Germany and Switzerland—"perhaps both a blessing and a curse."
AI Makes Criminals' Work Easier
According to the report, cybercriminals use AI, among other things, to perfect "social engineering" by posing as executives and deceiving their subordinates. "By writing highly tailored emails, asking someone to click or do something else, whether through cloning, generating speech, or even faking videos," explained Michael Daum, head of cyber claims processing. "The vast majority of attacks we see still require human involvement—usually an employee—to enable the attack."
AI Poses Double Threats to Companies from Both Outside and Within
However, according to Allianz managers, external attacks are only one side of the problem. Risks for companies also arise from the entirely legal use of AI software by their own employees and executives. "AI, by definition, works with a certain degree of autonomy, and therefore the results can be incorrect or entirely fabricated," said Allianz Commercial manager Alexandra Braun. "And incorrect or sometimes discriminatory AI outputs can, of course, also lead to lawsuits or negative press coverage, and then to reputational and image loss for companies." AI-specific risks also include copyright infringements, for instance, when the software copies or uses protected information.
Wide Range of Other Risks: From Politics to Explosions
The remaining risks in the global top ten range from politics and nature to the traditional uncertainties of business life. Legislation and regulation rank fourth, covering everything from US customs policy and other trade barriers to bureaucracy, which is often criticized in many countries. The next two spots are taken by natural disasters and climate change, followed by political instability and violence, negative macroeconomic developments such as inflation, fire, and explosions. Uncertainty about market developments—whether new competitors, mergers and acquisitions, or other changes—ranks tenth./cho/DP/zb
