Cyberattacks surge amid accelerating pace of Covid-driven digitalisation: WEF study

What is the News?

The World Economic Forum has released the report titled ‘Global Cybersecurity Outlook 2022’.

What is the purpose of the Global Cybersecurity Outlook 2022?

The report gives insights on near-term future cybersecurity challenges and develops actionable solutions to address them.

The report also highlights measures that need to be taken to enhance cyber resilience within organisations and the wider ecosystem.

What are the key findings of the Global Cybersecurity Outlook 2022?

The accelerating pace of digitalisation fuelled by the COVID-19 pandemic has led to a) 151% surge in Global ransomware attacks in 2021 and b) An average of 270 cyberattacks per organisation in 2021, a 31% increase over 2020. 

Cyber security leaders around the globe have listed ransomware, identity theft and critical infrastructure failure among their top personal cyber risk concerns. 

Cyber incidents are becoming costly and damaging, sometimes even paralysing critical services and infrastructure.

Companies need 280 days on average to identify and respond to a cyberattack. To put this into perspective, an incident that occurs on January 1, may not be fully contained until October 8. 

 What are solutions for cybersecurity suggested by the Global Cybersecurity Outlook 2022?

-Prioritise cybersecurity in all domains of society and the economy.

-Anticipate, recover and adapt quickly to cyber incidents.

-Shift from a cyber-defensive posture to a stronger cyber-resilience position, i.e. to anticipate attacks and be prepared for likely digital shocks.

-Mobilise a global response to address systemic cybersecurity challenges and ensure no communication or coordination gaps between cybersecurity and business leaders.

Source: This post is based on the article ‘Cyberattacks surge amid accelerating pace of Covid-driven digitalisation: WEF study’ published in Economic Times on 22nd January 2022.