Businesses in Bulgaria have identified cyberattacks as a growing concern, placing them among the top 10 risks for the first time in 2025, according to the Allianz Risk Barometer. The survey, conducted by Allianz Commercial, reflects feedback from over 3,778 risk management professionals across 106 countries, offering insights into global and local business challenges.

Globally, cyber incidents, including data breaches and ransomware attacks, top the list of risks, followed closely by business disruptions and natural disasters. These threats remain critical for companies of all sizes, with IT disruptions such as the high-profile CrowdStrike case further amplifying concerns. The survey also highlights a rise in geopolitical tensions, legal and regulatory changes, and trade wars, which now rank as the fourth biggest threat. Meanwhile, climate change has climbed to its highest position yet, ranking fifth globally.

In Bulgaria, market developments and the macroeconomic environment are considered the most significant business risks, with 42% and 38% of respondents citing them as their top concerns. Compared to 2024, these two risks have switched places but continue to dominate local business priorities. Legal and regulatory changes have seen a notable increase in importance, moving from sixth place to third, with a sharp rise in perceived risk to 31%. The shortage of skilled labor, which ranked third last year, has dropped to fourth place with 27%.

Cyberattacks, newly ranked at 10th with 12% of respondents identifying them as a concern, underscore a shift in priorities for Bulgarian businesses. Climate change also enters the top 10 for the first time, coming in at seventh place with 19%. Other notable risks in Bulgaria include energy crises and natural disasters, each highlighted by 23% of respondents.

The Allianz study shows that smaller companies tend to focus on immediate risks, such as regulatory compliance and workforce shortages, while larger corporations are increasingly concerned with broader, systemic issues like climate change and political instability. This trend is becoming evident in Bulgaria, as businesses of all sizes begin to adapt to the evolving risk landscape.

Source: Allianz Risk Barometer