Chief executives at Fortune 500 companies now rank cyber threats above geopolitical tensions and economic uncertainty as their primary business risk. Data breaches, ransomware, and phishing attacks have become the dominant concern across corporate boardrooms, pushing aside worries about Middle East conflicts and global trade disruptions.

The shift reflects growing awareness of digital vulnerabilities. Nearly two-thirds of blue-chip CEOs identified cyberattacks as their biggest concern in the second quarter, up from 56% in the prior period. This marks the first time in over a year that cybersecurity fears have eclipsed all other business threats. Companies are witnessing frequent high-profile attacks that disrupt operations and erode customer trust.

The Conference Board and Business Council survey polled more than 100 executives, primarily at U.S. firms. Results show leaders of large-cap companies are more worried about cyber risks than geopolitical tensions for the first time since late 2024. The findings suggest a fundamental change in how executives prioritize risk management.

Organizations are likely increasing cybersecurity budgets and accelerating digital transformation initiatives. This survey signals that cyber defense is no longer just an IT department concern but a core business strategy that directly impacts valuation and stakeholder confidence.