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The increasing regularity of large-scale hacks has not gone unnoticed. Both cyberattacks and massive data fraud incidents now both appear in the list of the top five global risks by perceived likelihood.
That’s according to The Global Risks Report (GPRS) 2018, an annual assessment of global risks, published earlier this month by the World Economic Forum (WEF). According to the report, large-scale cyberattacks are now ranked third in terms of likelihood while rising cyber-dependency is ranked as the second most significant driver shaping the global risks landscape over the next 10 years.
“Geopolitical friction is contributing to a surge in the scale and sophistication of cyberattacks. At the same time cyber exposure is growing as firms becoming more dependent on technology,” said John Drzik, president of global risk and digital, Marsh. “While cyber risk management is improving, business and government need to invest far more in resilience efforts if we are to prevent the same bulging ‘protection’ gap between economic and insured losses that we see for natural catastrophes.”
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