Cyberattacks - threat to fragile global economy

Adoption of connected devices during the pandemic has led to a dramatic increase in cyberattacks and if left unchecked, the cost of cyberattacks will continue to rise, threatening a fragile global economy. Cyber criminals delivered a wave of cyberattacks that were not just highly coordinated, but far more advanced than ever before seen.

At a time when the global economy is fragile, we have the necessary tools to reduce at least one of the major threats to the global economy - cyberattacks. Our increasingly connected existence brings with it vulnerabilities that can be exploited by malicious actors.

Simple endpoint attacks became complex, multi-stage operations. Ransomware attacks hit small businesses and huge corporations alike. Crypto-mining attacks gave cyber criminals an easy foothold into company networks.

The report surveyed 270 experts around the world to understand the state of play and establish clear priorities for technology governance.

Despite calls for embedding cybersecurity by design, the low level of confidence in the security of connected devices expressed by experts in this report is a testament to the fact that we still have a long way to go in terms of realising trust in the technology we use.

The report calls for increased consumer education through digital literacy campaigns, standardisation practices of cybersecurity measures, prioritizing security by design and default (as opposed to reacting after the fact) and developing more agile policies to better address the quick-changing landscape of cybersecurity.

There is a state of urgency for protecting against cybercrimes, which would also improve individual security and protect small and medium-sized business, transit systems, and utilities—everything that relies on connected devices.

Dr. Deepak Kumar Sahu, Editor-in-chief- VARINDIA