Geopolitical volatility has surged into a top 10 business risk with cyber risk remaining the number one concern globally, followed by business interruption at number two, according to Aon’s 2025 Global Risk Management Survey, which has tracked the most pressing risks for business decision makers for nearly 20 years.
Geopolitical volatility rose 12 places since the last Aon survey in 2023, breaking into the top 10 global risks (at number 9) for the first time in the survey’s history — and is forecast to rise to fifth by 2028, said the survey report, which was based on interviews with nearly 3,000 risk managers, C-suite leaders and executives in 63 countries. (See below for the lists of the top 10 business risks in 2025 and the top 10 future risks for 2028).
Aon noted that the depth of business concerns about geopolitical volatility depends on the region and differing exposures to geopolitical flashpoints. For example, it is ranked at number 6 in Europe, the Middle East and Africa (EMEA), where ongoing conflicts, sanctions regimes and political fragmentation are directly affecting business operations. By contrast, respondents in Asia Pacific, Latin America and North America rank this risk lower at 11, 17 and 13, respectively. However, businesses in all the regions predicted that this risk would rise in their future list of business concerns.
“The dramatic rise of trade and geopolitical risk highlights a new reality: volatility and uncertainty are now constants for organizations,” said Joe Peiser, CEO of Commercial Risk for Aon, in a statement accompanying the Aon survey report. “From evolving tariffs to shifting alliances, these forces directly impact organizations’ balance sheets. Building resilience through analytics and scenario planning is essential for navigating this environment.”
Cyber Threats
“Cyber Attack or Data Breach” remains the number one current and future risk, according to survey respondents, as the rapid adoption of digital platforms and AI technologies has expanded the attack surface for threat actors, the Aon report said.
“The scale and complexity of cyber risk today is unlike anything we’ve seen before,” commented Brent Rieth, global cyber leader for Aon. “Our clients are increasingly using AI both defensively and offensively, to enhance resilience and unlock growth. The key is embedding cyber into board-level strategy, investing in quantification and viewing resilience as a competitive differentiator.”
Despite its top risk ranking, only 13% of respondents say they have quantified their cyber exposure, Aon said, noting that the gap between awareness and action is contributing to significant underinsurance, exposing businesses to financial and reputational loss.
“With the global average cost of a data breach reaching a record $4.88 million in 2024, the stakes have never been higher,” said the Aon report, quoting IBM’s “Cost of a Data Breach Report 2025.”