World News | Uncontrolled cyberattacks a growing threat to fragile global economy: WEF study

DAVOS, Jan. 17 (PTI) – The adoption of connected devices during the pandemic has led to a sharp rise in cyberattacks and the cost of cyberattacks will continue to rise if left unchecked, threatening a fragile global economy, the World Economic Forum said on Tuesday.

Immediate threats can be mitigated through strong security protocols and public governance, says the World Economic Forum (WEF) in a new report titled “The State of the Connected World 2023 Edition”, prepared in partnership with the Connected World Council. Private cooperation.

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The report surveyed 270 experts around the world to understand the status quo and identify clear priorities for technology governance.

“At a time when the global economy is fragile, we have the necessary tools to reduce at least one of the major threats to the global economy – cyberattacks,” said Jeff Merritt, head of urban transformation at the World Economic Forum.

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The report’s call for action against cybercrime will also improve personal safety and protect small and medium-sized businesses, transportation systems and utilities – all things that rely on connected devices.

“Our increasingly connected existence creates vulnerabilities that can be exploited by malicious actors,” said Akshay Joshi, head of industry and partnerships at the World Economic Forum’s Center for Cyber ​​Security.

“Despite calls to embed cybersecurity by design, the low confidence in the security of connected devices expressed by experts in this report is testament to the fact that we still have a long way to go when it comes to achieving trust in the technologies we use use,” Josh added.

The report calls for strengthening through digital literacy campaigns, standardized practices for cybersecurity measures, prioritizing security by design and default (rather than reacting as an afterthought), and developing more flexible policies to better respond to the rapidly changing cybersecurity landscape Consumer Education.

(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)