Step 1: Recall what risk depends on.
Disaster risk depends on the nature of the hazard and on the vulnerability of the people and assets exposed to it.
Step 2: Check the first option.
Risk does depend on the nature of the hazard, so this statement is true.
Step 3: Check the second option.
Risk does depend on vulnerability, so this statement is true.
Step 4: Check the fourth option.
Human activities can raise or lower exposure, so risk does depend on them, making this true as well.
Step 5: Check the third option.
Saying risk depends on the economic value is the odd one out; economic value measures possible loss, but it is not a basic factor that decides the risk level. So this is the incorrect statement.
Step 6: Conclude.
The incorrect statement is the one about economic value.
\[ \boxed{\text{The level of risk will depend on the economic value}} \]