Cyberattack fears have again topped Aon’s biennial global risk sentiment survey of almost 3000 business decision-makers.

Geopolitical volatility has surged nearly 30 places to ninth on the list – the first time it has made the top 10 threats.

Business interruption ranks second, followed by economic slowdown, regulatory/legislative changes and increasing competition.

Commodity price risk/material scarcity and supply chain/distribution failure rank sixth and seventh respectively, while reputation/brand damage is eighth and cash flow/liquidity risk is 10th.

Aon says the rise of risks related to trade and geopolitics reflects growing instability, with implications for supply chains, regulatory environments and financial performance.

“From evolving tariffs to shifting alliances, these forces directly impact organisations’ balance sheets,” CEO of commercial risk Joe Peiser said. “Building resilience through analytics and scenario planning is essential for navigating this environment.”

Aon says technology is driving innovation and disruption alike, expanding risk exposure to every part of an enterprise.

Awareness of cyber dangers has not translated into readiness to cope with them. Only 13% of the survey’s respondents, who work across 16 industries, have quantified their cyber exposure.

“This gap between awareness and action is contributing to significant underinsurance, exposing businesses to financial and reputational loss,” Aon said. “The report emphasises the need for structured AI risk governance and integrated cyber resilience frameworks to reduce this gap.”