View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
  2. Cybersecurity
January 17, 2018

Cyberattacks ranked THIRD greatest global risk in 2018

Natural disasters and extreme weather events were the only risks to rank above cyberattacks in terms of likelihood in 2018.

By Tom Ball

Cyberattacks have been ranked as the third greatest global risk of 2018, following closely behind natural disasters and extreme weather events.

The World Economic Forum’s Global Risks Report 2018 has delivered this outlook for the year ahead, noting that concerns have jumped in comparison to previous years. Cyberattacks have also been joined in the top 5 risks by massive data fraud.

The report states that businesses have recorded a doubling of cyber breaches in the past five years, spiking from 68 per business in 2012 up to 130 per business in 2017.

“Cyberattacks being ranked as the third most likely global risk should come as a warning to businesses and governments across the world. As technology advances, so too do the associated risks. With infrastructure and business shifting to the digital sphere, it has never been more important to mitigate against cyber threats,” said Kirill Kasavchenko from NETSCOUT Arbor.

“Cybercrime can be a lucrative source of income so, until cyber threats are contained on a global level, hackers will continue to hold organisations to ransom and disrupt critical industries. This is why collaboration and intelligence sharing should be at the core of the global response to reducing the risk of cyberattacks.”

The report also warns that the world is on the brink of an exponential increase in attack targets, driven by the growth of the IoT market.

Cyberattacks ranked THIRD greatest global risk in 2018

Content from our partners
Why food manufacturers must pursue greater visibility and agility
How to define an empowered chief data officer
Financial management can be onerous for CFOs, but new tech is helping lighten the load

Putting this anticipated explosion of new connected devices into perspective, the report states that the 8.4 billion IoT devices in 2017 is expected to grow to 20.4 billion in 2020.

The report also point out that DDoS attacks have become commonplace, presenting a major threat. In 2017 alone, the average DDoS target was likely to be hit 32 times over a three-month period.

Dan Sloshberg, Director Product Marketing at Mimecast commented: “With the WEF Global Risks Report highlighting the severity of ransomware and phishing emails as a primary cybercrime tactic, organisations and communities need more focus, support and training on cybersecurity than ever before… Cyber-threats can have the same economic impact as environmental disasters. Just like hurricanes, floods, fires and other extreme events, successful attacks can trigger interruptions in the systems that keep our societies functioning.”

Top 5 ethical hackers you should doff your white hat to
BlackBerry brings driverless car cybersecurity to the showroom
Automation: The GDPR silver bullet?

The report also mentions the WannaCry ransomware attack of 2017, focussing on its impact on infrastructure across the world. This attack sparked the mass realisation that cyberattacks posed a greater risk than financial cost alone.

“The solution is for everyone, from governments and businesses to local communities, to adopt a new culture of security by analysing infrastructure for weaknesses to prevent escalation to the level of crisis… It is vital to develop and invest in a cyber resilience strategy that involves strong methods of protection, combined with a reliable archive and recovery strategy for data that will ensure uninterrupted access and use of vital systems like email in the event of a breach,” said Sloshberg.

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy Policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
THANK YOU