![]() If a vendor experiences business disruption, that affects partners’ ability to serve their customers as well.Ĭollaboration within organizations, especially structured interactions, is also crucial. Larger organizations that do business with smaller companies should evaluate their partners’ cyber risk. Any company - even a small business - that handles consumer data is at risk. According to the report, the threat is not just to governments or enterprises. “The key to winning the battle against cyber crime is, of course, to work together to make it a priority across the geopolitical fault lines.”Īdditionally, organizations, jurisdictions and governments must proactively take precautions to reduce their own risk. “This is a global threat, and it calls for a global response and enhanced and coordinated action,” Stock said. Jürgen Stock, the secretary-general of the International Criminal Police Organization (INTERPOL), said in Davos that there needs to be extensive collaboration across countries and corporations. Reducing the risk of a debilitating and global attack requires working together and creating a targeted plan. When you do business with an organization or government with lacking policies and security, you inherit their risk into your organization. Half of the leaders also plan to re-evaluate the countries that they do business with. The top response is to strengthen controls on third parties with access to their environments (73%), with controlling access to data coming in second at 66%. The report found that leaders plan to take quick action in response to the predicted increase in threats. Additionally, their biggest concerns regarding cyberattacks are business continuity (67%) and reputational damage (65%). The majority of organizati ons (74%) reported that global geopolitical instability has influenced their cyber strategy “moderately” or “substantially”. Not surprisingly, world unrest is a top reason for the increased focus on cybersecurity. In addition to the increase in attacks, leaders are concerned that world conditions make a serious cyber event more likely. “This storm is brewing, and it’s really hard to anticipate just how bad that will be.” Leaders’ Response to Increasing Threats “There’s a gathering cyber storm,” Sadie Creese, a professor of cybersecu rity at the University of Oxford, said during an interview at the meeting. ![]() Other leaders echoed his sentiments and concerns throughout the meeting. He also predicted that 2023 will be a busy year in terms of cyberattacks. At the meeting, Matthew Prince, the CEO of Cloudflare, emphasized the enormous amount of cyber insecurity around the world. ![]() With cybersecurity concerns on everyone’s mind, the topic received top billing at the recent World Economic Forum’s Annual Meeting 2023 in Davos, Switzerland. Additionally, 43% of organizational leaders think it is likely that a cyberattack will affect their organization severely in the next two years. According to the Global Cybersecurity Outlook 2023, 93% of cybersecurity leaders and 86% of business leaders t hink a far-reaching, catastrophic cyber event is at least somewhat likely in the next two years.
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