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Home » Cyber Security News » Geopolitical instability raises “catastrophic” cyberattack risks in next two years: WEF report

Geopolitical instability raises “catastrophic” cyberattack risks in next two years: WEF report

Geopolitical instability raises “catastrophic” cyberattack risks in next two years: WEF report

 

Geopolitical instability raises "catastrophic" cyberattack risks in next two years: WEF report

Davos [Switzerland], January 19: Geopolitical instability is exacerbating the risk of catastrophic cyberattacks, according to the Global Cybersecurity Outlook 2023 report, which was launched at the World Economic Forum’s ongoing five-day annual meeting in Davos.

Over 93 percent of cybersecurity experts and 86 per cent of business leaders believe “a far-reaching, catastrophic cyber event” is likely in the next two years and that there is a critical skills gap that is threatening societies and key infrastructures, the forum said in a release on Wednesday (local time).

The Global Cybersecurity Outlook 2023 findings were based on surveys, workshops and interviews with over 300 experts and executives.

Half of the companies surveyed said the current landscape is making them re-evaluate the countries in which their organization does business.

It said despite challenges, organizations are improving cyber resilience, which is one of the key priorities of the World Economic Forum’s Centre for Cybersecurity.

The report, written in collaboration with IT services firm Accenture, said that awareness and preparation will help organizations balance the value of new technology against the cyber risk that comes with it.

“As global instability increases cyber risk, this report calls for a renewed focus on cooperation. All stakeholders from public and private sectors who are responsible for our common digital infrastructure must work together to build security, resilience and trust,” said Jeremy Jurgens, Managing Director of the World Economic Forum, in the release.

Moreover, the Global Cybersecurity Outlook 2023 report highlighted the need to address the shortage of talent and skilled experts. About 34 per cent of cybersecurity experts said they lacked some skills in their team, with 14 per cent saying they lacked critical skills.

“The problem is more pronounced in key sectors such as energy utilities, where nearly 25% of cybersecurity experts said they lacked the necessary critical skills to protect their organizations’ operations,” WEF’s release said, adding that greater cross-industry and public-private collaboration is needed to overcome this.

 

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