World Economic Forum alerts to rising cyber insecurity amidst heightened threats

January 16, 2024
1 min read

In its Global Cybersecurity Outlook 2024 report, the World Economic Forum (WEF) warns that “cyber insecurity” is one of the most pressing issues organizations face globally. The report indicates that over 80% of organizations surveyed feel more exposed to cyber crime this year compared to last year. The WEF calls for increased collaboration across sectors and borders to create a more resilient operating environment for businesses. The report also points out a growing divide between cyber-resilient organizations and those struggling to contend with emerging threats, with a 30% decrease in the number of organizations maintaining minimum viable cyber resilience compared to last year. Small and medium-sized companies show a significant decline in cyber resilience.

The WEF report also highlights the widening cyber skills and talent shortage, with only 15% of organizations optimistic that cyber skills and education will significantly improve over the next two years. The study suggests that generative AI will have a significant impact on cybersecurity in the next two years, with around 50% of experts surveyed agreeing on this. However, less than 10% believe that generative AI will give the advantage to defenders over attackers. The report suggests that applying emerging technologies to foundational security elements can offer a powerful opportunity for practitioners globally, such as using generative AI to automate data classification and assist analysts in security operations centers.

The WEF emphasizes the need for coordinated action by key public-private stakeholders to address the complex and ever-evolving cyber threats and build a secure digital future. The report’s findings and recommendations align with recent remarks by a senior figure at the NSA on the positive applications of generative AI in finding malicious activity. The WEF report serves as a reminder of the urgency of addressing cyber insecurity and the importance of collaboration and innovation in cybersecurity.

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