Cyber Horizon 2026

Report - February 2026

Following a successful pilot study last year and very positive feedback from the Cyber community, our Cyber Horizon study canvases industry views on the emerging cyber threat landscape across both the short and long term.

This study complements ORX’s main Operational Risk Horizon study, which has been running since 2016 and provides an updated, annual ranking of eleven emerging risk categories, one of which is “Advancing Cybercrime”. The Cyber Horizon study provides a more granular and insightful view of the industry’s outlook on advancing cyber threats based on views from cyber risk experts, including analysis of their interconnectedness, likelihood of materialisation, and expected exposure changes. 

Based on contributions from cyber risk experts at 22 financial institutions, this report analyses and summarises the industry views of the top emerging cyber threats facing the financial services sector, as well as key trends and themes.

The accompanying Emerging Cyber Threat Deep Dives report provides in-depth analysis of participants’ views on the emerging cyber threat landscape. This includes:

• Emerging cyber threat dashboards
• Full rankings of cyber threats
• Further detail on the industry outlook on exposure and likelihood, impact concerns and threat actors