The most common and most likely answer to this crossword clue is the 8 letter word AFFRIGHT
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More clues leading to the result AFFRIGHT
Buddy explains!

The straight part
We know that "alarm" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case alarm = affright.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does AFFRIGHT mean?
AFFRIGHT noun- Great fear, terror, fright.
- To terrify, to frighten, to inspire fright in.
- Afraid; terrified; frightened