According to the American Cancer society, only 1 out of 100.000 men will get penile cancer. Nearly every sexually active man will get HPV, often high risk strains. The risk is extremely low.
http://www.cancer.org/docroot/CRI/content/CRI_2_4_1X_What_are_the_key_statistics_for_penile_cancer_35.asp?sitearea=