In Surveillance Risks in Conflict-Affected & High-Risk Areas: A Salient & Material Concern for Investors, Heartland provides a framework for investors and civil society organizations to better understand how surveillance technologies pose salient risks to rights holders in CAHRA and material risks to shareholders in these companies. Part one of the paper outlines relevant materiality concepts—traditional, impact, and double—and discusses how the “saliency-materiality nexus” connects these concepts to identify the most severe and systemic risks in a portfolio. Part two details the human rights harms associated with the deployment of targeted and mass surveillance technologies in CAHRA. Finally, part three provides examples of how surveillance-related harms are translating into legal, regulatory, operational, and reputational risks for companies and shareholders.