We have entered a new era of disruption shaped by four major megatrends: technology, trade, weather and workforce changes. These converging trends are transforming the risk landscape, requiring new strategies to manage complex and interconnected risks across all business areas, says the 2025 edition of Aon’s Global Risk Management Survey.
The survey has tracked the most-pressing risks for business decision-makers for nearly two decades. The findings reveal a sharp rise in risks associated with geopolitical volatility and a broader shift in how organizations perceive and prioritize risk.
According to the 2025 Global Risk Management Survey, cyber risk remains the top global concern, while geopolitical volatility has surged nearly 30 places in the ranks since 2019 to enter the top 10 for the first time. Climate change and natural disasters have also reached their highest ever ranking, reflecting a significant shift in organizational risk priorities influenced by these evolving trends.
Despite rising volatility, most organizations remain underprepared: only 14% of respondents track their exposure to the top ten risks and only 19% use analytics to evaluate the value of their insurance programs. These findings underscore the urgent need for organizations to rethink their approach to risk, moving from reactive measures to proactive, integrated strategies.
2025 Top Ten Global Risks according to the survey:
- Cyber Attack or Data Breach
- Business Interruption
- Economic Slowdown or Slow Recovery
- Regulatory or Legislative Changes
- Increasing Competition
- Commodity Price Risk or Scarcity of Materials
- Supply Chain or Distribution Failure
- Damage to Reputation or Brand
- Geopolitical Volatility
- Cash Flow or Liquidity Risk
"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. "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", Joe Peiser added.
Aon's 2025 survey also provides a forward-looking perspective on the risks business leaders expect to be most critical by 2028. Cyber risk remains the top concern for the future, while AI and climate change join the top ten, reflecting the accelerating impact of technology and extreme weather on global business.
Climate change climbs to number nine on the future risk list, underscoring heightened awareness of its threat to financial and operational stability. With 2024 marking the hottest year on record and global insured catastrophe losses exceeding USD 145 billion, leaders are increasingly treating climate as a systemic business risk.
Top 10 Future Risks by 2028
- Cyber Attack or Data Breach
- Economic Slowdown or Slow Recovery
- Increasing Competition
- Commodity Price Risk or Scarcity of Materials
- Geopolitical Volatility
- Regulatory or Legislative Changes
- Business Interruption
- Artificial Intelligence
- Climate Change
- Cash Flow or Liquidity Risk
"What's striking about this year's future risk rankings is how quickly new forces like AI and climate move to the forefront", commented said Richard Waterer, Global Risk Consulting Leader for Aon. "These risks don't just add complexity; they fundamentally change how organizations need to think about resilience. The convergence of technology, geopolitics and environmental pressures means leaders must anticipate how these megatrends interact and build strategies that are flexible enough to adapt to whatever comes next", Global Risk Consulting Leader for Aon said.
The full report can be found here.
