Business Risks: Cyber Attacks on Top, Political Tensions Rise

The Aon Global Risk Management Survey shows that businesses continue to be most at risk due to cyber attacks and data breaches, but that geopolitical turnoil as well as the AI-driven future are fast catching up. Geopolitical volatility was expected to be the fifth-biggest business risk by 2028, up from rank 21 in 2023, while risk associated with artificial intelligence was rising even faster, from rank 49 in 2023 to a projected rank 8 in 2028.

While in 2023 and 2025, business interruption and economic slowdowns rounded off the top 3, 2028 is expected to see a bigger risk of increased competition. Also on the rise was the risk of commodity price increases and material scarcity as well as the issue of climate change. Supply chain, distribution and other interruptions were meanwhile dissipating somewhat, potentially due to the normalization of disruptions caused by the Covid-19 pandemic and the Ukraine war.

The makers of the report find that four megatrends related to technology, trade, weather and workforce changes were currently shaping global business distruptions. Due to their interconnectedness, the risks in question are able to affect multiple areas of business all at once. However, they also give access to opportunities, according to the findings, as the simultaneous onslaught of different global issues can cause companies to strive for more resilience, forward planning and data analysis to tackle risks head on.