Cybersecurity has taken the center stage in the recent Global Risks Report by the World Economic Forum. The report highlighted the growing cyberattacks and the failure of governments to intervene.
Alongside the threat of Cybersecurity, the Report also focuses on the ongoing COVID-19 pandemic, threat from climate change, and the growing debt crises. The report from the World Economic Forum elaborated the most critical threat that emphasized cyberattacks and breaching of data since 2012.
Cyberattacks are becoming frequent
But in the latest report, cyberattacks have become frequent and with regularity. Many agencies and organizations have been victimized, thus calling them to prepare in responding to this disruptive ransomware attack. According to Jonathan Greig of TechRepublic, the US government is under pressure to get rid of the Russian government hackers who were able to penetrate their way into the State Department, Department of Justice, the Treasury, the Centers for Disease Control and Prevention, the Department of Homeland Security, and including the nuclear labs that are connected with the Department of Energy.
The Report accounted for around 156 significant cyberattacks that happened in the US between the years 2006 and 2020, overtaking any other countries. This data is based on the Center for Strategic and International Studies. The UK has accounted for 47 substantial cyberattacks following after the US. India comes in third with 23, followed by Germany with 21, and South Korea having 18 significant cyberattacks.
Damages caused by cyberattacks
Government agencies, business, and household cybersecurity infrastructures have been rendered obsolete and ineffective to combat the growing sophistication and frequency of cybercrimes. This has disrupted the economy, incurring a financial loss, causing geopolitical tensions and social destabilization, according to the Risk report.
Fake news or information, cyberattacks, aggravating strikes, and stealing of resources are increasing. Perpetrators are becoming more dangerous as the cybercrimes get to be more sophisticated.
As the world has been shifting to more digitized transactions and with the challenges posed by the COVID-19 pandemic, people are forced to shift and adapt to the digital world. And cybercriminals are taking advantage of this.
Analysts consider cybersecurity as the highest likelihood risks
The analysts behind the report consider the failure of cybersecurity among the highest likelihood risks and the breakdown of IT infrastructure can be the highest impact risks in the years to come.
In the conducted survey amongst the export, 39% of the respondents consider the cybersecurity failure to be the vital threat to the world and has been ranked as the most relevant risk among the list of risks from infectious disease, climate change, and livelihood crises. Nearly 50% said that this will be a major concern in the next three to five years.
With this threat, it is essential for private and public sectors to work together in combating this growing concern and to look ahead in securing systems and data, not just for their own benefit but also to maintain trust with the public and consumers.
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