Cyber-enabled fraud has overtaken ransomware as CEOs’ top concern, according to new data from the World Economic Forum, with almost three-quarters of business leaders reporting that they or someone in their network has been personally affected in the last year.

Polling more than 800 business leaders across 92 countries, the WEF’s Global Cybersecurity Outlook 2026 warns that a new wave of cyber‑fraud tactics, coupled with escalating AI-related vulnerabilities and a fractured geopolitical landscape, are reshaping corporate risk at unprecedented speed.

Of the 73% of CEOs who said they or someone close to them had faced a fraud attempt, most (62%) were hit by phishing, smishing or vishing attacks, while nearly a third (32%) reported identity theft, and 20% were forced to deal with insider threats.

With recent government figures revealing that UK businesses are losing roughly £755 million a year to fraud stemming from data breaches, CEOs now rank cyber‑enabled fraud above every other threat, a sharp contrast to CISOs, who still see ransomware as their top risk going into 2026.

However, while cyber fraud might be chief execs’ leading concern, the WEF found AI-related vulnerabilities rose faster than any other risk category, with 87% of respondents reporting an increase.

Data leaks linked to genAI (34%), advancing adversarial capabilities (29%), and the security of AI systems are among CEOs’ top concerns for 2026, leading almost all (94%) to agree that AI-driven threats will be the most consequential force shaping cybersecurity over the coming year. 

Organisations are responding, with 64% of CEOs saying their firm has a process in place to assess AI security before deployment, almost double the figure from last year (37%).   

“Developments in AI are reshaping multiple domains, including cybersecurity,” said Josephine Teo, minister for digital development and information for the Singapore government.

“When deployed responsibly, these technologies can strengthen cyber defences by supporting faster detection and response. But if misused or poorly governed, they can also introduce serious risks, from data leaks to cyberattacks. Governments therefore need a forward-looking and collaborative approach to ensure AI enhances cyber resilience while minimising risks that increasingly transcend borders.”

However, that vision of global collaboration on AI looks increasingly remote, with the WEF’s study showing that the geopolitical climate has become so volatile that it is reshaping the risk landscape.

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Almost two-thirds (64%) of firms said they now factor geopolitically motivated attacks into their risk strategies, with 91% of the largest enterprises adjusting their cybersecurity posture to take account.

This is having an impact on supply chains, which the WEF said have emerged as a major systemic vulnerability, especially for large, globally active firms – 65% of which cite third-party and supply chain risks as their greatest cyber resilience barrier, up from 54% last year. 

Meanwhile, concentration risk is also intensifying, as incidents at major cloud and internet providers reveal how a single infrastructure‑level failure can ripple through the global digital ecosystem.

“The challenge for leaders is no longer just understanding the threat but acting collectively to stay ahead of it,” said Jeremy Jurgens, managing director for the World Economic Forum. “Building meaningful cyber resilience will require coordinated action across governments, businesses and technology providers to protect trust and stability in an increasingly AI-driven world.”