• The World Economic Forum (WEF), in a survey, found an increase of cyberattacks on businesses and the spread of malware.
• Experts believe that the mere adoption of cybersecurity strategies is insufficient. Businesses must also be able to build resilience to such attacks, according experts.
• Due to rapid adoption of cryptocurrency around the globe, DeFi and cryptocurrency exchanges are among the most targeted companies.

According to the World Economic Forum’s (WEF) study, cyber attacks rose by 151% due to the global growth of digital economics and the impact left behind by the covid-19 epidemic in the past two years.

The Global Cybersecurity Outlook 2022 report by the WEF stated that each organisation had experienced an average of 31% more cyberattacks in 2021 than they did in 2020.

Companies were hit with $3.6million in losses as they had to raise their protection service spending. The cost of these attacks was much higher for smaller and mid-sized firms, which were more vulnerable to financial attack and lacked the resources.

Approximately 80% of ransomware or malicious software attacks affected public security, according to the annual report “The Global Cybersecurity Outlook 2022”.

The WEF highlighted that the “accelerated digitization pace, which was fueled by Covid-19 turned out to be an annual record for Cybercrime”
According to 88% of those surveyed by cybersecurity experts, malicious software poses a threat and danger to public safety. There is however a large gap between the views of cybersecurity professionals and those of business executives.

While 92% of executives believe they can face such attacks, only 55% percent of cybersecurity professionals agree. According to the study, companies could be vulnerable to new cyberattacks if they have different opinions on this high-priority issue.

Flipside

• Furthermore, after a cyberattack becomes public, “the hacked company’s average share price is estimated to underperform the NASDAQ by -3%, even six months after the event,” the report states.

The report states that it can take organizations up to 280 working days to fix a cyberattack. This means they’ll spend the majority of their year looking for the problem and creating a protection shield that will prevent future attacks.

“Companies must now embrace cyber resilience – not only defending against cyberattacks but also preparing for swift and timely incident response and recovery when an attack does occur,” said World Economic Forum Managing Director Jeremy Jurgens.
For her part, Julie Sweet, president and CEO of Accenture (NYSE:) who collaborated in conducting the survey, highlighted the importance of cybersecurity for “all organizations at all levels”.

Also, she said that:

“Organizations need to work more closely with ecosystem partners and other third parties to make cybersecurity part of an organization’s ecosystem DNA, so they can be resilient and promote customer trust.”
She added, “

“This report underscores key challenges leaders face – collaborating with ecosystem partners and retaining and recruiting talent”.
Global Cybersecurity Outlook 2022 was compiled using information gleaned from a survey of cyber leaders around the world. Also with information from the Cyber ​​​​Outlook Series sessions carried out by the WEF during 2021. As well as interviews with experts in the area and other data from the agency’s reports and investigations.

Why you should care

• The rise of cybercrime in the 21st century, with ransomware and Ponzi schemes used to steal and con people, has been alarming.
• Cryptocurrencies are one of the worst-hit industries, DeFi and crypto exchanges being the biggest victims.

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