A new era of cyber risk is upon us. It is marked by the convergence of geopolitical fragmentation and technological disruption. As the international order continues to fragment, interstate rivalry and economic coercion will increasingly shape the cyber risk landscape. At the same time, advances in machine intelligence and quantum computing are altering the technical foundations of security strategy. Companies must prepare for intensifying corporate geopolitics, in which interstate rivalry and technological surprise undermine central assumptions of enterprise risk strategy.