January 16, 2018 / 2:18 AM / in 7 months

Brexit creeps up UK risk managers' worry list - survey

LONDON (Reuters) - Risk specialists in British businesses are more worried about Brexit and other regulatory change than they were a year ago, though cyber attacks remain the biggest concern, a survey showed on Tuesday.

Protesters wave the EU and Union flags outside the Palace of Westminster, London, Britain, December 20, 2017. REUTERS/Peter Nicholls

The risk of changes in legislation and regulation, including concerns over Brexit, new trade barriers and protectionism, climbed three places from a year earlier to become the second most significant concern for UK businesses, according to the UK part of a global survey by German insurer Allianz (ALVG.DE)

“Companies must gear up to cope with the risk of sudden political and legal shocks, such as the lack of clarity over UK Plc’s future relationship with the European Union,” said Brian Kirwan, UK Chief Executive of Allianz Global Corporate & Specialty.

Cyber incidents were again the top worry for UK businesses, including the potential for “cyber hurricanes”, where hackers disrupt large numbers of companies through shared internet infrastructure.

Business interruption was considered the primary risk globally in the Allianz survey of more than 1,900 risk specialists from 80 countries.

Reporting by Carolyn Cohn; Editing by David Goodman

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