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Geopolitical Volatility to Surge as Top Business Risk by 2028

Get ready for a volatile business landscape. Geopolitical risks are rising fast, joining cyber threats and business interruptions as major concerns for companies worldwide.

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This picture is clicked inside the room. In this picture, we see a table on which laptop, speaker,...
This picture is clicked inside the room. In this picture, we see a table on which laptop, speaker, monitor, keyboard, ball, mouse, scanner and papers are placed. In the left bottom of the picture, we see a table on which electronic goods are placed. Behind that, we see a wall on which charts and posters are pasted.

Geopolitical Volatility to Surge as Top Business Risk by 2028

Geopolitical volatility is set to surge up the global business risk rankings, with a significant rise predicted by 2028. Aon's latest survey reveals that businesses worldwide are increasingly concerned about this threat, with cyber risk and business interruption also featuring prominently.

In 2025, geopolitical volatility ranked 9th among the top 10 global business risks, but it is forecast to climb to the 5th position by 2028. This shift reflects the growing unease among businesses about political instability, trade disputes, and regional conflicts.

Joe Peiser, CEO of Commercial Risk for Aon, highlights the persistent nature of volatility and uncertainty in today's business environment. The global average cost of a data breach has reached a record $4.88 million in 2024, underscoring the financial impact of these risks. Cyber risk remains the number one concern globally, followed by business interruption at number two.

Regionally, geopolitical volatility is ranked 6th in Europe, the Middle East, and Africa (EMEA) due to ongoing conflicts, sanctions regimes, and political fragmentation. Businesses in these regions, along with those in the Middle East and Africa, consider geopolitical instability a top five concern. Meanwhile, businesses in Asia Pacific, Latin America, and North America also anticipate a sharp rise in geopolitical volatility by 2028.

As geopolitical volatility climbs the global risk rankings, businesses must prepare for an increasingly uncertain future. With cyber risk and business interruption also posing significant threats, companies need robust risk management strategies to navigate this complex landscape.

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