Cybersecurity and Systemic Cyber Risk: The Defining Business Challenge Heading into 2027 As businesses plan their 2027 strategies and budgets, one risk consistently ranks highest: cyber. That's what several independent surveys of executives, risk officers, and board members find. The NC State ERM Initiative and Protiviti's 2027 Executive Perspectives on Top Risks survey (which surveyed 1,330 board members and C-suite executives globally) rank cyber risk as the top near-term risk. Allianz Commercial's Risk Barometer (based on responses from 3,338 risk professionals in 97 countries) ranks cyber incidents first for the fifth year in a row, with a record 42% of responses (10pp ahead of the next risk and the highest ever in the category). It's number one in every region and across all company sizes (large, mid and small). KPMG's 2026 Global CEO Outlook finds that 31% of CEOs identify cyber and data security as the biggest threat to growth, and 45% plan to in...