Yesterday, the 2021 World Economic Forum report was released. The annual risk report – with this year’s edition being the 16th – identifies and analyses critical global risks facing the world. It is based on a Global Risks Perception Survey, which is completed by over 650 members of the World Economic Forum’s diverse leadership communities. Among the highest likelihood risks of the next ten years, cybersecurity failure is ranked 4th in the ‘clear and present danger’ section (short term risk; 0-2 years). IT infrastructure breakdown is also cited as being a major issue in the next 3-5 years (ranked #2).
<p>As technology has engulfed every aspect of life and society, it is no surprise that cybersecurity failure is viewed as a clear and present danger. Given the trends of recent years, breaches have shown no signs of slowing down. In fact, the impact of breaches have risen, not just in terms of financial cost, but impacting individuals privacy and livelihood. It\’s also good to see digital inequality captured as a risk. It can be easy to overlook digital inequality. But without the latest devices or fast internet connectivity, many people are left behind in terms of cybersecurity as well as learning opportunities. Collectively, it is important that a culture of cybersecurity is embedded globally from manufacturers, to designers, to resellers, implementers, and users. Cybersecurity should not be for the privileged few, and neither should it require so much user interaction that it becomes overlooked. Only then will we begin to see changes that are needed to address some of these most pressing issues.</p>
<p>Admitting that a problem exists is the first step in overcoming that problem. The World Economic Forum ranks cybersecurity failure as the fourth most pressing “clear and present danger” to the global economy. Managing cybersecurity requires organisations of all types and sizes to address cybersecurity directly. Organisations that use <a href=\"https://informationsecuritybuzz.com/expert-comments/expert-on-open-source-software-security-vulnerabilities-exist-for-over-four-years-before-detection/\" target=\"_blank\" rel=\"noreferrer noopener\">software</a> (basically everyone) should put policies and processes in place to minimise risk and protect data. Organisations that build software must make security an integral part of their development efforts. The costs of managing cybersecurity today are a small price to pay in comparison with the mammoth costs of cybersecurity <a href=\"https://informationsecuritybuzz.com/expert-comments/government-proposal-leave-uk-organisations-facing-fines-17-million-cyber-security-failures/\" target=\"_blank\" rel=\"noreferrer noopener\">failures</a> in the future.</p>