Cybersecurity: What is the challenge? Defending global engines of innovation, prosperity and growth and the institutions we rely on.
Digital connectivity plays a pivotal role in unlocking innovation and prosperity around the world, but increasing cyberthreat presents a major obstacle to our continued and collective path to progress. Cybercriminals take advantage of a borderless playing field and the lack of trust among nation states, corporations and global law enforcement to build their criminal enterprises and launch targeted attacks, with limited risk and retribution.
Economic loss due to cybercrime is predicted to reach $3 trillion by 2020, and 74% of the world’s businesses can expect to be hacked in the coming year. The 2017 Wannacry attack affected 150 countries and institutions such as the National Health Service in the United Kingdom – demonstrating both the grand scale of cyberattacks and the devastating consequences for their victims. Current efforts to contain cybercrime, while important, remain largely insufficient as the global impact of cyberthreats continues to grow.
Our reliance on cyberspace requires the development of strong, systemic cyberhygiene and best practices. Without an effective and standardized cybersecurity framework, consumers and corporations resort to weak solutions that leave their devices and systems vulnerable to attack.
To shape the future of cybersecurity, the Centre for Cybersecurity was established in 2018 by the World Economic Forum. We leverage our convening power to mobilize the capabilities of a global network of partners from business, government, international organizations, academia and civil society to enhance and consolidate international security.
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