A recent survey conducted by the Chartered Institute of Internal Auditors UK and Ireland has revealed that cybersecurity is the top concern for businesses today. The Risk in Focus 2025 report found that a staggering 83 per cent of firms rated cyber issues as their chief worry, highlighting the growing importance of digital controls in the face of evolving threats.
Chartered institute chief executive Anne Kiem emphasized the rapid pace of digital transformation, particularly with the rise of artificial intelligence (AI). While AI presents opportunities for businesses, it also brings about significant risks if proper safeguards are not in place, she noted.
Incidents like the global Crowdstrike outage and the Health Service Executive cyberattack serve as stark reminders of the vulnerabilities that come with increased reliance on technology.
The report also highlighted the importance of managing people and retaining employees, which came in second place in the survey. Additionally, the impact of digital disruption and the rise of AI was identified as the fastest-rising category, jumping from sixth to fourth place in just one year.
Looking ahead to 2028, respondents anticipate that AI and new technologies will become the second biggest risk to businesses. Geopolitical uncertainty, climate change, business crisis management, changes in consumer behavior, supply chain issues, and insolvency risks were also cited as top concerns by survey participants.
The survey, which included 985 responses from 48 participants across 20 European countries, marks the ninth year of the Risk in Focus reports. Stay informed with the latest business news and commentary by signing up for the Business Today newsletter and opting in to Business push alerts. Join The Irish Times on WhatsApp for real-time updates and don’t miss the weekly Inside Business podcast for insightful discussions on current business topics.