A catastrophic global cyber attack could happen in the next two years: World Economic Forum

As geopolitical tensions continue to rise, the World Economic Forum (WEF) predicts a “catastrophic” global cyber attack could happen in the next two years.

In its recently released Global Cybersecurity Outlook 2023 report, the WEF highlighted that 86 percent of business leaders and 93 percent of cyber leaders believe that a global cyber attack is imminent. 

The authors of the report point out that cyber leaders, business leaders and board members have a nearly equal understanding of cyber risks related to geopolitical instability, more so than with any other source of cyber risk.

They said, “The tangible and immediate nature of the effects and pervasive news coverage makes it easier for all three groups to fully appreciate these risks. Business leaders are often adept at adapting their organisations to new political realities.

“This makes geopolitical risk an entry point for the wider conversation between security leaders and business leaders on how cyber threats are changing and how cyber risk can affect their organisation’s business continuity planning.”

The report noted that business leaders understand the tension rising in most regions and cyber attackers are changing their targets because of this.

They said, “Cybersecurity regulations have become a more prominent factor in compliance and board-level conversations across many regions. Although cyber leaders, business leaders and boards of directors are now communicating more directly and more often, they continue to speak different languages.

“News about cyber incidents have often dominated the conversation, rather than discussions about why those incidents mattered to an executive’s organisation and how precisely businesses could help their cyber leaders manage their responses.”

The geopolitical events of the past year have significantly influenced cyber strategy and tactical cybersecurity operations across the globe, according to the WEF.

“Efforts are being made to strengthen internal policies and processes as well as to increase the effectiveness of cybersecurity controls with third parties. This suggests that organisational responses to cyber risk being undertaken now will have a positive long-term impact,” the authors wrote.

This annual report examines the cybersecurity trends that will impact economies and societies in the year to come. These findings were released during the annual World Economic Forum held in Davos, Switzerland.