The World Economic Forum’s most recent “Global Cybersecurity Outlook” study, which was made public on Monday, said that the cybersecurity ecosystem has become increasingly complicated, with repercussions for both governments and businesses.
According to 66% of enterprises, cybersecurity will be significantly impacted by artificial intelligence by 2025. However, according to the research, just 37% of firms have procedures in place to evaluate the security of AI products prior to implementation.
Akshay Joshi, head of the WEF’s Centre for Cybersecurity, told Media: “Geopolitical uncertainties, advances in emerging technologies and supply chain vulnerabilities are among the key factors contributing to complexity in cyberspace, all of which point to the need for building cyber resilience across organizations and nations.”
The paper urges a change in thinking from cybersecurity to cyber resilience, which it defines as the capacity of an organization to lessen the negative effects of major cyber events on its aims and objectives.
According to the survey, the biggest obstacle to attaining cyber resilience is supply-chain issues because of their growing complexity as well as a lack of insight and supervision into suppliers’ security standards.
The largest obstacle to attaining cyber resilience, according to more than half (54 percent) of major firms, is supply-chain issues.
Geopolitical tensions are another important element that has an impact on the cybersecurity strategy of over 60% of the firms examined in the research.
Risk perception is also influenced by geopolitics; according to 45% of cyber executives, they are worried about operations and business process interruption. Additionally, according to about 33% of CEOs, their main worries include intellectual property theft, cyber espionage, and the loss of sensitive data.
When it comes to cyber resilience, there are significant geographical and economic disparities. For instance, 35 percent of small businesses think they don’t have enough cyber resilience, a number that has more than doubled since 2022.
However, since 2022, the percentage of big firms reporting inadequate cyber resilience has decreased by almost half, from 13 percent to 7 percent.
Regionally, just 15% of respondents in North America and Europe expressed doubt about their nation’s capacity to handle significant cyberattacks that target vital infrastructure. However, this percentage increases to 42% in Latin America and 36% in Africa.
With 36% of respondents stating they are “confident” and 36% stating they are “very confident,” the Middle East area exhibits greater optimism.
“This confidence is a result of the unequivocal focus on cybersecurity in the Kingdom and across the wider region coupled with the importance given to global collaborative efforts,” Joshi explained.
Along with these observations, the research emphasized the economic effects of cybersecurity and the leadership’s need to prioritize it as a key business enabler.
It also emphasized the necessity of teamwork in securing networks that are vital to the digital economy and finding solutions to the growing cybersecurity skills gap.
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