Geopolitical Volatility Enters Aon's Top 10 Global Business Risks

Geopolitical volatility has entered the top 10 global business risks for the first time, according to Aon's 2025 Global Risk Management Survey. The report, based on responses from nearly 3,000 executives in 63 countries, shows the risk surged 12 positions since 2023, reflecting rising instability affecting supply chains, regulation, and financial performance.

Despite this upward trend, only 14 percent of organizations monitor their exposure to top risks, and just 19 percent use analytics to evaluate insurance programs. Aon said these findings point to the need for businesses to shift from reactive approaches to integrated, data-driven risk strategies.

"The dramatic rise of trade and geopolitical risk highlights a new reality: volatility and uncertainty are now constants for organizations," Joe Peiser, CEO of commercial risk at Aon, said.

Cyber attack or data breach remained the top-ranked risk in both the current and future outlook, driven by the expanded threat landscape created by widespread digitalization and artificial intelligence (AI) adoption. Yet only 13 percent of respondents said they have quantified their cyber exposure, leaving many underinsured and financially vulnerable.

"The scale and complexity of cyber risk today is unlike anything we've seen before," Brent Rieth, global cyber leader for Aon, said. "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."

Workforce-related threats have seen a steep decline in perceived urgency. In 2023, failure to attract and retain talent ranked fourth. In 2025, workforce issues dropped out of the top 10, despite labor shortages and healthcare pressures.

"It's alarming to see workforce risks slip down the rankings when human capital challenges remain deeply connected to every aspect of business resilience," Lisa Stevens, chief administrative officer for Aon, said.

Looking ahead to 2028, survey respondents expect cyber risk to remain the most pressing issue, with artificial intelligence and climate change entering the future top 10 for the first time. Climate change ranks ninth, driven by extreme weather and record-setting catastrophe losses in 2024. These shifts suggest that business leaders are increasingly focused on the intersection of technological, geopolitical, and environmental megatrends.

"What's striking about this year's future risk rankings is how quickly new forces like AI and climate move to the forefront," said Richard Waterer, global risk consulting leader for Aon.