Alongside macroeconomic volatility and geopolitical conflict, cyber risk is one of the top threats worrying today’s CEOs as they grow less confident about the short-term growth outlook for their companies.
This is according to PwC’s 29th Global CEO Survey which is based on responses from 4454 chief executives across 95 countries and territories.
The firms said that almost a third (31%) CEOs say their company is highly or extremely exposed to the risk of a significant financial loss from cyber threats in the year ahead, up from 24% in 2024’s survey and 21% in 2025.
In Germany, 34% of CEOs said their company is highly or extremely exposed to cyber risks in the year ahead, compared to just 16% among UK CEOs.
This is despite the UK continuing to experience regular, high profile cyber-attacks like those affecting Jaguar Land Rover and Marks and Spencer in 2025.
Read more: How the UK Retail Sector Responded to the Scattered Spider Hack Wave
Cyber risks now rank alongside macroeconomic volatility as the top threats identified by CEOs, PwC said.
About eight in ten (84%) said they are planning to improve enterprise-wide cybersecurity practices in response to geopolitical risk, underlining the interconnected nature of the threats they face.
Meanwhile, PwC also highlighted stakeholder trust concerns, noting that it has never been easier to lose trust.
Alongside unpredictable geopolitics, cyber-attacks and AI’s impact on the workforce is also cause for stakeholder trust concerns.
PwC’s survey found that 38% of respondents had received questions about data use and privacy. Meanwhile, 37% cited concerns surrounding AI safety or responsible AI.
“Although it’s impossible to fully inoculate a company against losses of stakeholder trust, many CEOs could do more to anticipate and proactively address potential areas of vulnerability,” PwC said.
The firm also noted that companies can build a preserve stakeholder trust through deliberate investments in data, processes and controls.
Responsible AI programs for example can both build trust and create value, according to PwC, as they reduce rate of adverse AI-related incidents and help companies recover faster if such an event occurs.