myAIPMClosing the Cyber Gap: Business and Security Leaders at Crossroads as Cybercrime Spikes
World Economic Forum
The global digital economy has surged off the back of the COVID-19 pandemic, but so has cybercrime - ransomware attacks rose 151% in 2021. There were on average 270 cyberattacks per organization during 2021, a 31% increase on 2020, with each successful cyber breach costing a company $3.6m. After a breach becomes public, the average share price of the hacked company underperforms the NASDAQ by -3% even six months after the event. The World Economic Forum has published an insights report Global Cybersecurity Outlook 2022.
These are the main points
- A new survey reveals a wide perception gap between business executives, who think their companies are cyber resilient, and security leaders, half of whom disagree.
- The accelerating pace of digitalization, fuelled by COVID-19, has led to a record-breaking year for cybercrime.
- Ransomware attacks were up some 150% in 2021 and more than 80% of experts say it is becoming a threat to public safety.
- The report’s key insight is that cybersecurity is no longer a sufficient tactic – building resilience needs to be integrated into an organization’s strategy, especially since it can take 10 months to detect a security breach.