Geopolitical Instability Raises Threat Of ‘Catastrophic Cyberattack In Next Two Years’

Geopolitical instability is exacerbating the risk of catastrophic cyberattacks, according to the Global Cybersecurity Outlook 2023 report, which was launched Wednesday at the World Economic Forum Annual Meeting 2023 in Davos. Over 93% of cybersecurity experts and 86% of business leaders believe “a far-reaching, catastrophic cyber event is likely in the next two years” and there is a critical skills gap that is threatening societies and key infrastructure.

The Global Cybersecurity Outlook 2023 findings were based on surveys, workshops and interviews with over 300 experts and C-suite executives. Half of the companies surveyed said the current landscape is making them re-evaluate the countries in which their organization does business.

Despite challenges, organizations are improving cyber resilience, one of the key priorities of the World Economic Forum’s Centre for Cybersecurity. The report, written in collaboration with Accenture, says that awareness and preparation 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% of cybersecurity experts said they lacked some skills in their team, with 14% saying they lacked critical skills. The problem is more pronounced in key sectors such as energy utilities, where nearly 25% of cybersecurity experts said they lacked the necessary critical skills to protect their organizations’ operations. Expanding the cybersecurity talent pool is needed to solve this problem. Several successful cybersecurity skills programmes are under way around the world, but many have difficulty scaling to large numbers. Greater cross-industry collaboration and public-private is needed to overcome this.

Geopolitics is reshaping the legal, regulatory and technological environment. “As global instability increases cyber risk, this report calls for a renewed focus on cooperation. All stakeholders from public and private sectors who are responsible for our common digital infrastructure must work together to build security, resilience and trust,” said Jeremy Jurgens, Managing Director, World Economic Forum.