https://www.engineeringnews.co.za
Africa|Business|DIGITALISATION|Energy|Environment|Financial|Fire|Infrastructure|Ports|Power|Risk Management|Road|Services|Technology|Infrastructure|Operations
Africa|Business|DIGITALISATION|Energy|Environment|Financial|Fire|Infrastructure|Ports|Power|Risk Management|Road|Services|Technology|Infrastructure|Operations
africa|business|DIGITALISATION|energy|environment|financial|fire|infrastructure|ports|power|risk-management|road|services|technology|infrastructure|operations

Critical infrastructure blackouts top business risk in SA – Allianz

16th February 2024

     

Font size: - +

For the second consecutive year, international financial services provider Allianz’s Risk Barometer indicates that critical infrastructure blackouts, attributed to power outages and the failure of ports, railways and roads, pose the greatest risk for businesses operating in South Africa.

The Allianz Risk Barometer compiles a yearly list of the top global business risks, based on the insights of more than 3 000 risk management professionals.

In a press release last month, Allianz noted that South Africa’s energy crisis, which is closely linked to its infrastructure struggles, ranked fifth, up from sixth place in 2023, with cyber incidents and business interruption retaining the second and third spots respectively.

Allianz Commercial South Africa urged businesses to be alert to infrastructure failures and disruptions to supply chains and their impact on the broader economy. Climate change and a fraught geopolitical environment also ranked as further impediments.

“The report underscores the important need for investment in infrastructure resilience and the development of contingency plans to mitigate the potential consequences of blackouts. By proactively addressing these risks, businesses can enhance their ability to withstand disruptions and ensure continuity of operations,” says Allianz Commercial South Africa CEO Thusang Mahlangu.

Meanwhile, from a global perspective, cyber incidents such as ransomware attacks, data breaches, and information technology disruptions were the biggest worry for companies in 2024. The interlinked peril of business interruption ranked second, while natural catastrophes (up from sixth to third year-on-year), fire and/or explosion (up from ninth to sixth) and political risks and violence (up from tenth to eighth) are the biggest risers in the latest rankings. Infrastructure concerns and blackouts did not rank in the top ten risks. 

Allianz Commercial CEO Petros Papanikolaou concludes: “The top risks and major risers in this year’s Allianz Risk Barometer reflect the big issues facing companies around the world right now – digitalisation, climate change and an uncertain geopolitical environment. Many of these risks are already hitting home, with extreme weather, ransomware attacks and regional conflicts expected to test the resilience of supply chains and business models further in 2024. Brokers and customers of insurance companies should be aware and adjust their insurance covers accordingly.”

Edited by Nadine James
Features Deputy Editor

Comments

Showroom

Condra Cranes
Condra Cranes

ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (12/04/2024)
12th April 2024 By: Martin Creamer

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.078 0.14s - 163pq - 2rq
Subscribe Now