For the fourth year in a row, cybersecurity and the interconnectedness of infrastructure was named as the top emerging risk. Financial volatility fell off of the list in 2017 despite holding the No. 2 spot for the three previous years. Terrorism and terrorism, terrorism, technology, regional instability and asset price collapse rounded out the list of the top five emerging risks. The survey asked actuaries to identify the top current risk, emerging risk and risk combinations Cyber/interconnectedness of. infrastructure was the top choice across all categories, including the Top Risk Combinations category.”]