World Economic Leaders Fear Increasing Cyber Attacks

The threat of large-scale cyberattacks and a “deteriorating geopolitical landscape” since the election of US President Donald Trump have jumped to the top of the global elite’s list of concerns, the World Economic Forum (WEF), said ahead of its annual meeting in Davos, Switzerland.

The growing cyber-dependency of governments and companies, and the associated risks of hacking by criminals or hostile states, has replaced social polarisation as a main threat to stability over the next decade, according to the WEF’s yearly assessment of global risks, published at Bloomberg LP’s new European headquarters in London. 

While the economic outlook has improved, nine in 10 of those surveyed said they expect political or trade clashes between major powers to worsen. Some 80 percent saw an increased chance of war.

“Cybersecurity is the issue most on the minds of boards and executives, given the visibility of state-sponsored attacks in an environment of increasing geopolitical friction,” John Drzik, president of global risk and digital at Marsh, which contributed to the study, said in an interview. As companies “invest in things like artificial intelligence, they are widening their attack surface.”

Drzik said recent high-profile security breaches that have fueled this perception include the WannaCry ransomware attack, which infected more than 300,000 computers across 150 countries, and NotPetya, which caused two companies losses in excess of $300 million. 

The cost of cyber-crime to firms over the next five years could reach $8 trillion, the WEF said. Similarly, thousands of attacks every month on critical infrastructure from European aviation systems to US nuclear power stations show state-sponsored hackers are attempting to “trigger a breakdown in the systems that keep societies functioning,” the WEF said.

Information-Management

You Might Also Read:

UN Cyber Warfare Talks Collapse:

World Economic Forum Says  Cyber-attack Is A Top Risk To Business:

 

 

 

« Companies Are Buying Cyber Insurance 'in mad panic'
Pentagon Considers Nuclear Retaliation To Big Cyber Attacks »

CyberSecurity Jobsite
Perimeter 81

Directory of Suppliers

CSI Consulting Services

CSI Consulting Services

Get Advice From The Experts: * Training * Penetration Testing * Data Governance * GDPR Compliance. Connecting you to the best in the business.

ZenGRC

ZenGRC

ZenGRC - the first, easy-to-use, enterprise-grade information security solution for compliance and risk management - offers businesses efficient control tracking, testing, and enforcement.

ManageEngine

ManageEngine

As the IT management division of Zoho Corporation, ManageEngine prioritizes flexible solutions that work for all businesses, regardless of size or budget.

BackupVault

BackupVault

BackupVault is a leading provider of automatic cloud backup and critical data protection against ransomware, insider attacks and hackers for businesses and organisations worldwide.

Jooble

Jooble

Jooble is a job search aggregator operating in 71 countries worldwide. We simplify the job search process by displaying active job ads from major job boards and career sites across the internet.

NUS-Singtel Cyber Security R&D Lab

NUS-Singtel Cyber Security R&D Lab

NUS-Singtel Cyber Security R&D Lab conducts research into predictive security analytics.

mmCERT

mmCERT

mmCERT is the national Computer Emergency Response Team for Myanmar.

Egis Technology

Egis Technology

Egis specializes in the IC design, research and development, and the testing and sales of capacitive fingerprint sensor.

VNT Software

VNT Software

VNT's vision is to change the way complex IT problems are resolved by predicting business disruptions before they occur.

Cyber Risk Opportunities

Cyber Risk Opportunities

Cyber Risk Opportunities was formed to enable middle-market executives to become more proficient cyber risk managers so their organizations can thrive.

Cyversity

Cyversity

Cyversity's mission (formerly ICMCP) is the consistent representation of women and underrepresented minorities in the cybersecurity industry.

CipherTrace

CipherTrace

CipherTrace develops cryptocurrency Anti-Money Laundering, cryptocurrency forensics, and blockchain threat intelligence solutions.

Clavis Information Security

Clavis Information Security

Clavis is an Information Security company offering a complete portfolio of solutions from Pentesting and Security Assessments to Managed Security Services and Training.

S2T

S2T

S2T builds cyber intelligence solutions based on deep expertise in diverse domains such as intelligence, machine learning and AI, big data processing, statistics and linguistics.

ProSearch Partners

ProSearch Partners

ProSearch Partners are national talent acquisition specialists exclusively focussing on Technology and Digital talent including Cybersecurity, Data Analytics and Execs.

AFRY

AFRY

AFRY is a world leading engineering company, trusted as a supplier of services and solutions within the industry, energy, and infrastructure sectors as well as for authorities.

CyXcel

CyXcel

CyXcel is a cyber security consulting business grounded in the law which natively fuses crises, legal, technical, and consulting expertise digital networks, information and operational technology.

Abissi

Abissi

Abissi offer cyber intelligence, IoT security, automotive security, red teaming, application security and artificial intelligence security services, with a focus on security by design.

M6iT Consulting

M6iT Consulting

M6iT Consulting is an industry-leading solution partner managing the IT requirements for a full range of companies.

EK3 Technologies

EK3 Technologies

EK3 Technologies mission is to provide comprehensive cybersecurity and IT solutions that allow our clients to focus on sustaining their business.