This study describes two main dimensions of 5G technology, i.e. privacy and security. This research paper focuses on the analysis of cybersecurity risks and threats, privacy challenges and 5G technology opportunities at EU level and worldwide, as well as the relationship between cybersecurity risks and privacy issues. The methodological framework for this assessment of the impact of 5G technology is built on three pillars: (i) a document-based analysis; (ii) a parallel analysis with stakeholder involvement; and (iii) a selection of relevant case studies. The complexity of the 5G ecosystem, where new use cases are constantly emerging, also led the authors to assess the prospects of using new 5G-enabled technologies, such as the internet-of-things, robotics and AI. Moreover, policy options are defined and put forward for consideration by the European Parliament’s Committees on Legal Affairs, Internal Market and Consumer Protection, Civil Liberties, Justice and Home Affairs, and the Subcommittee on Security and Defence, as well as by other EU institutions and the Member States.