Global Directors’ and Officers’ Survey Report 2026 – Top seven risks

Geopolitical risks

Perhaps the biggest change in the top seven risks for directors and officers, compared with results over the previous 5 years, is that geopolitical risks have now made their way into the top seven. This may be unsurprising, or is at least understandable, given current front-page news; the results would appear to truly reflect a sign of our times. Last year, geopolitical risks ranked mid-table out of the 30 risks featured in the Global Directors’ and Officers’ (D&O) Liability Insurance Survey. That position has shifted markedly. When asked about their biggest emerging concerns, respondents identified geopolitical instability, trade disruption and supply chain risk as their most significant sources of exposure for directors and officers – describing these factors as causally linked, with conflict in the Middle East driving oil price volatility, which in turn fuelled inflation and supply chain fragility, while the Trump administration's tariff regime and military threats have made strategic planning more challenging. Take a more indepth look at geopolitical risk in light of the survey here.

Health and safety risks

Turning to the rest of the top seven, it is notable that health and safety remains the number one risk globally, its third consecutive year in the number one spot. However, if we look in more detail, we can see that health and safety is slightly down overall and is only the number one risk in Europe, Pacific and the Middle East regions. Health and safety remains a top seven risk across all regions, but it looks like it may be settling back in some regions to where it was positioned prior to 2024 when we saw the very dramatic jump to number one. Read an article considering the health and safety results and the change in the trend.

Cyber attack and data loss risks

Cyber attack and data loss remain the global number three and number two risks for directors and officers and, in many regions, these risks once again are considered to be number one and two risks (although the precise placement varies by region). Perhaps this is a reflection of the unsettling periods of business interruption seen last year by major retailers and manufacturers following cyber-attacks and the consequent (actual or threatened) loss and/or loss of use of data. Respondents also specifically noted that AI-enabled cyber-attacks – including deepfakes, sophisticated phishing and automated intrusion techniques – are increasing both the frequency and cost of cyber incidents, with cybersecurity now viewed, quite properly, not only as a standalone financial risk but also as a significant reputational and regulatory exposure. Read an article looking at cyber as a risk for directors and officers.

Systems and controls risks

Failure of systems and controls continues its rise as a top seven risk for directors and officers. It has been a top seven risk in our survey since 2024 and is now in the number four position. Understandably this risk is particularly prominent among larger organizations and in heavily regulated sectors such as finance, insurance and energy and utilities. Notably, systems and controls is the second-highest risk in Africa, and in addition features prominently in GB, North America, the Pacific and Asia.

Regulatory breach risks

Regulatory breach remains in the top seven globally, although it has dropped down to number five overall and does not appear in the top seven at all for Africa or the Middle East. As risk five it occupies a lower rating than at any time over the prior 7 years. The underlying concern around regulatory risk appears to be evolving: interestingly respondents across all sectors cited the sheer pace of regulatory change and the cost of maintaining compliance across multiple overlapping frameworks – including data protection mandates, ESG reporting, AML/KYC requirements, AI regulation (in particular, the EU AI Act), and DORA – as a growing operational and financial burden.

Bribery and corruption risks

Rounding out the top seven risks globally for directors and officers is bribery and corruption. However, regionally, it was only in the top seven for Asia, and joint number seven in Africa. It was only just outside the top seven in Europe, GB and LatAm.

AI risks

Global D&O Liability Insurance Survey 2026 reveals that five main risks - health and safety, cyber-attack, data loss, regulatory breach and failures in systems and controls - feature in the top seven globally, but there is much less consistency as to the remaining two risks which form part of the top seven in each region. So, for example, we see in North America that AI is their number five risk for directors and officers, but AI does not appear in any other region’s top seven, although it is significantly up as a risk overall. That upward trajectory is borne out by what participants told us when asked about their biggest emerging concerns: respondents framed AI both as an existential competitive risk – the danger of being outpaced by competitors who adopt it faster and use it more productively – and as a source of entirely new financial liabilities, including AI-driven fraud and deepfakes, “AI washing” securities litigation, and uncertain returns on significant capital expenditure. Read an article looking at AI as a risk for directors and officers in more detail.

Diversity and inclusion risks

Our final note regarding the top seven risks is about what is not there: diversity and inclusion. While it also did not feature in the global top seven last year either, it was a top seven risk for GB, North America and Africa. Diversity and inclusion saw the largest overall drop of any risks in the Global D&O Liability Insurance Survey 2026. Read an article looking at this topic in more detail.

Conclusion

The Global D&O Survey Liability Insurance Survey 2026 results confirm that directors and officers are navigating an increasingly complex and multifaceted risk landscape. The promotion of geopolitical risks into the top seven is perhaps the most striking development, but equally notable is the extent to which these risks interact and compound with one another: geopolitical instability drives inflation, which pressures margins, which heightens regulatory scrutiny of corporate decision-making; AI simultaneously introduces new efficiencies and new liabilities; and cyber risk is being amplified by the very technologies organizations are required to adopt to remain competitive.

Taken together, the top seven risks showcase the breadth and severity of the challenges that directors and officers now face. Mitigating these risks demands robust risk management strategies underpinned by effective systems and controls. Where those safeguards are lacking, the consequences can be severe: from prolonged business interruption and supply chain disruption to regulatory fines, reputational harm and lasting damage to stakeholder confidence. A perfect storm for directors.