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AI climbs to its highest-ever position of #2, up from #10. Both cyber and AI now rank as top five concerns for companies in almost every industry sector.
Cyber incidents is the top global risk for 2026 and by a higher margin than ever before – 10% ahead of the closely-linked peril of artificial intelligence (AI).
Business interruption and supply chain disruption drops to #3 from #2 but this peril remains a significant concern given it can be a consequence of other risks in the global top 10.
Business interruption impact, such as supply chain bottlenecks and disruption of logistics due to extreme weather events, is the main climate-related business concern for respondents.
Changes in legislation and regulation remains at #4. However, there is an increase in the share of respondents, driven by concerns over factors such as tariffs.
Natural catastrophes drops to #5 globally, driven by factors such as a quieter hurricane season during 2025. However, insured losses caused by cat events still hit US$100bn for the sixth year in a row.
Following another strong year for equity and M&A markets, businesses appear slightly more relaxed about market risks, with this risk dropping from #8 to #10 year-on-year.
