Davos: Geopolitical instability increases risk of ‘catastrophic’ cyber attack in two years – report

Davos:

Cyber ​​security is increasingly affecting how and where businesses invest and a vast majority believe that global geopolitical instability could lead to a catastrophic cyber attack in the next two years.

According to a report released by the World Economic Forum at its Annual Meeting 2023 here on Wednesday, half of the companies surveyed feel that the current scenario is making them re-evaluate the countries in which their organization does business.

More than 93 percent of cybersecurity experts and 86 percent of business leaders believe “a far-reaching, catastrophic cyber incident is likely to occur in the next two years” and that there is a significant skills gap that threatens societies and key infrastructure .

The findings of the Global Cyber ​​Security Outlook 2023 were based on surveys, workshops and interviews with more than 300 experts and C-suite executives.

The report, produced in collaboration with Accenture, said awareness and preparedness will help organizations balance the value of new technology against the cyber risk that comes with it.

The report highlights the need to address the shortage of talent and skilled experts. Some 34 percent of cybersecurity experts said their team lacked some skills, with 14 percent saying they lacked critical skills.

The problem is more pronounced in key sectors such as energy utilities, where nearly 25 percent of cybersecurity experts said they lack the critical skills needed to protect their organizations’ operations.

To address this issue, there is a need to expand the cyber security talent pool. There are many successful cyber security skills programs running around the world, but many have difficulty scaling to large numbers. Overcoming this requires greater cross-industry collaboration and public-private partnerships.

According to the report, the speed at which new technologies are implemented means that real and lasting cyber resilience comes from embedding cyber security in an organization’s culture and decision-making processes.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)