Threat Of A ‘Catastrophic’ Cyberattack Raised By Geopolitical Instability

The belief that “a far-reaching, catastrophic cyber occasion is possible in the next two years” is shared by over 93% of cybersecurity experts and 86% of corporate leaders. They also believe that there is a severe skills gap that is endangering societies and essential infrastructure.

Global geopolitical instability, according to a large majority of business leaders at Davos, is likely to result in a catastrophic cyberattack over the next two years. Cybersecurity is increasingly impacting how and where businesses spend.

A report from the World Economic Forum’s Annual Meeting 2023, which was released here on Wednesday, claims that half of the companies questioned believe the present business environment is forcing them to reconsider the nations in which their organization conducts business.

A far-attaining, catastrophic cyber incident is expected to occur in the next two years, according to over 93% of cybersecurity experts and 86% of corporate leaders, and there is a severe skills gap that is endangering societies and essential infrastructure.

On surveys, seminars, and interviews with more than 300 experts and C-suite executives, the Global Cyber Security Outlook 2023 conclusions were derived.

According to the analysis, which was produced in partnership with Accenture, firms can balance the benefits of new technology against the associated cyber risk by increasing their knowledge and readiness.

The research emphasized the importance of addressing the talent and skill gap in the field. A little over 34% of cybersecurity specialists admitted that their team was lacking in some abilities, with 14% admitting that they were missing some crucial ones.

The issue is particularly severe in important industries like energy utilities, where almost 25% of cybersecurity specialists claimed they lacked the crucial abilities required to safeguard the functioning of their organizations.

To address this issue, the cybersecurity talent collection must be widened. There are numerous effective cybersecurity skills programs running all around the world, but many struggle to scale to huge numbers. To solve this, there has to be more cross-industry cooperation and public-private partnerships.

The paper claims that because of how quickly new technologies are adopted, organizations must integrate cybersecurity into their decision-making culture and processes to achieve true and long-lasting cyber resilience.

Leave a Comment