According to a ‘Global Cybersecurity Outlook 2023’ report released by the World Economic Forum at its Annual Meeting 2023, almost half of the companies surveyed are of the opinion that the current landscape of cyberattack is inducing them to re-evaluate the countries in which their organisation does business. The report further asserted that cybersecurity is increasingly influencing how and where businesses invest and a vast majority believe that global geopolitical instability is likely to lead to a catastrophic cyberattack in the next two years.

As per the report, over 93 per cent of cybersecurity experts and 86 per cent of business leaders believe a far-reaching catastrophic cyber event is likely in the next two years. That said, there also exist a critical skills gap that is threatening societies and key infrastructure.

The findings of the report were based on surveys, workshops and interviews with over 300 experts and C-suite executives. The report, prepared in collaboration with Accenture, said that awareness and preparation will help organisations balance the value of new technology against the cyber risk that comes with it. In addition, the report highlighted the need to address the shortage of talent and skilled experts. Around 34 per cent of cybersecurity experts asserted that they lacked some skills in their team, with 14 per cent saying they lacked critical skills.

The report states that the risk of cyberthreat is more pronounced in key sectors such as energy utilities, where nearly 25 per cent of cybersecurity experts were of the opinion that they lacked the necessary critical skills to protect their organisations’ operations. To this end, expanding the cybersecurity talent pool is needed to curtail the threat. Additionally, greater cross-industry collaboration and public-private partnership is needed to overcome the growing risk of cyberthreat.