©2010 British International Studies AssociationExpanding on the works of Beck and others on the growing business of risk, this article examines the role of the private security industry in the creation, management and perpetuation of the world risk society. It observes that the replacement of the concept of security with risk over the past decades has permitted private firms to identify a growing range of unknown and unknown-unknown dangers which cannot be eliminated, but require permanent risk management. Using the discourse of risk and its strategies of commercialised, individualised and reactive risk management, the private risk industry thus has contributed to the rise of a world risk society in which the demand for security can never be satisfied and guarantees continuous profits.