Cyber Security in the Perspective of Global Risk Landscape

The onset of COVID-19 has accelerated the digitalization process of governments and industries by three to four years. Digitalization aimed toward remote working and creating value for customers has increased dependence on IT networks, making them fallible to cyberattacks. World Economic Forum has listed cyber risk as critical in its “The Global Risks Report 2022”. From small and medium-sized firms to federal and large companies, the exposure to cyber risk has increased multifold due to hackers’ sophisticated attacks using AI and machine learning. Manufacturing, financial services, and education are some sectors that are seeing an increased momentum of cyberattacks. Amongst the attacks, Ransomware has been the significant cyber threat companies face on their digital supply chain. In addition, attackers are eyeing the gaps caused by emerging technologies, thereby putting the onus on organizations to increase awareness of cyber risks and build defensive mechanisms. In the times ahead, developing sustainable and resilient systems against cyberthreat is essential for achieving safety and security.