The key threats of the next decade is Cybersecurity: World Economic Forum

In the 16th edition of the World Economic Forum’s Global Risks Report, Cybersecurity becomes one of the biggest threats of the decade alongside debt, climate change, and COVID-19 pandemic crises.

Over the last few years, there are several cyberattacks in schools and hospitals due to which industries are now prepared to cripple ransomware attacks. Especially the attack by the Russian hackers that we’re able to break into the Justice Department, State Department, the Department of Homeland Security, the Centers of Disease Controls and Prevention, and nuclear labs that put the US government on guard.

Between 2006 and 2020, there have been approximately 156 significant cyberattacks in the US as per the Center for Strategic and International Studies making it at top. Whereas at 47 attacks the UK is in the second position, 23 in India, 21 in Germany, and 18 in South Korea making the place in the top 5 countries that faced cyberattacks.

The report mentioned that the household, government, and businesses are becoming obsolete with increased cybercrime. This is resulting in geopolitical tension, financial loss, economic disruption, and social inability. The rise of resource grabs targeted strikes, cyberattack and misinformation have become a nonstate actor across the globe.

Over the last decade, digitization is becoming more prominent amid the pandemic where companies embraced the virtual world but it also evolves the landscape of cyberattacks. The experts are working to understand the struggle while defining the online identities that are at the risk of exposure. This includes financial loss, cybercrime, invasion of privacy, political manipulation, etc.

The CEO and President of Vectra, Hitesh Sheth believes that cybercrime should be ranked higher addressing major crises that are leaving the cyber vulnerable.

The concern about the cyberattack is increasing with the hacks or breaches in big companies and hospitals. Hence, it is becoming essential for companies to work on it and maintain the trust of the consumers.