Poor energy, economic crisis, cyber attacks and increasing geopolitical instability: this is the quadrilateral of uncertainty that marks 2025 for Italian companies. This was revealed in the 2025 biennial Global risk management survey conducted in 63 countries of nearly 3,000 companies by Aon, a company active in the field of insurance brokerage and risk management and human resources consulting. The risk of rising prices for raw materials – an item that in Italy also includes energy effects – remains at the top of the list: almost 63% of the companies interviewed had recorded immediate losses. This was followed by cyber attacks and an economic crisis that affected seven out of ten companies. The photo shows a country still exposed to market shocks and energy costs, but more aware of the risks involved in managing business. The research, now in its tenth edition, is now one of the largest global observatories on risk perception and tells how, by 2025, Italian companies will be at the forefront of costs. Apart from losses due to increases in raw material prices70% of the company in fact he admitted so affected by the economic crisis. Rising energy prices and dependence on resource imports reinforce the structural fragility that the industrial system faces more than in other European countries. According to Marco Dubini Daccò, executive president of Aon Spa, these results “reflect the pressures Italian companies are facing, between economic and geopolitical volatility, rising costs and digital transformation”. The manager underlined that the weight of raw materials “shows that supply chain vulnerabilities and the impact of inflation on industrial strategy», while the centrality of cyber risks «is not surprising, as Europe is one of the regions most affected by cyber attacks in the world».
His reaction ability is lacking
In addition to risk ranking, the survey also measures a company’s reaction capacity. Only half (50%) have a formal mitigation plan or review of rising commodity prices, and only 8% have calculated their cyber exposure. Less than one in three companies (30%) have an operational risk management plan. Figures that illustrate the gap between perception and action, and that contribute – as Dubini Daccò observes – “to structural underinsurance that causes companies to suffer financial and reputational losses”. Despite these weaknesses, this survey highlights significant progress in risk culture. More than 73% of organizations in Italy now have a department dedicated to risk management, compared to 68% of the global average. However, only 37.6% use a structured risk identification process at the enterprise level (compared to 46.9% globally) and only 19% have working groups with annual planning. A signal, according to Dubini Daccò, of «a growing but growing maturity, which must be transformed into a proactive and integrated approach».
The report also highlights aspects that are often overlooked: more than 60% of Italian companies have recorded losses related to at least one of the ten main risks, the percentage is higher than the global average. The structure of the economy, which consists mostly of small and medium-sized manufacturing companies, amplifies the impact of external shocks. The most serious impacts come from cyber risks and business disruption, which have significant financial and reputational impacts. In this context, explains Dubini Daccò, it becomes «It is important to integrate risk management into the business planning processadopting a prevention, simulation and transfer model that allows companies to react quickly and protect their value in the long term.”
In the next three years, focus on environmental risks
However, if we look ahead, the risk map for the next three years is shifting towards environmental and social issues: climate change was included in the top five priorities for the first timealong with the economic crisis and cyber risks. In fact, Italy, while remaining focused on costs and productivity, is showing increasing sensitivity to sustainability. This is a sign of cultural evolution that is aligning the country with major global trends that are reimagining the geography of vulnerability. “Italian companies are evolving in the way they perceive risks: environmental awareness is increasing and a more integrated vision is emerging, capable of linking digitalization, climate volatility and geopolitics”, underlines Dubini Daccò. The 2025 survey depicts a country in flux: a production system that is exposed but no longer aware of it, that begins to see risk as a component of its competitiveness. «Italian companies – says Dubini Daccò – are learning to turn complexity into opportunities, combining data, predictive analysis and long-term resilience strategies». And in this direction, the real challenge is to unite protection and growth. Because, explained the President, “attention to global risks and the environment must go hand in hand with the development of adequate corporate welfare”. The message is clear. In this new scenario full of uncertainty, avoiding risks is not enough: we need to know how to manage them. And that is where the strength of Made in Italy is measured today.
Globally, there is maximum vigilance against cyber attacks
While in Italy, the risk is high energy costs, in other countries, the risk is the result of network and international tensions. In 2025, according to Aon’s Global 2025 risk management survey, global business is in a context of permanent instability, where cyber attacks and geopolitical volatility define a new threat landscape. For the first time in the history of research, geopolitical volatility is in the global top tenafter jumping twelve positions compared to 2023. However, the digital dimension remains at the top:Cyber attacks or data breaches are still the number one risk for businesses, followed by business disruption and economic slowdown. Rounding out the global top ten are regulatory changes, increased competition, raw material risks, supply chain disruptions, reputation or brand damage, geopolitical volatility and liquidity risks. This is a representation of systemic global risk, where technology, politics and economics are interrelated and strengthen each other. Despite widespread awareness, the survey shows that the preparation framework remains weak: only 14% of organizations monitor their exposure to key risks and only 19% use analytical tools to evaluate their insurance programs. The impact is a widespread lack of insurance, which makes companies increasingly suffer economic and reputational losses.
