The World Economic Forum warns that data breaches and cyberattacks can be as substantial of a risk as climate change and natural disasters. Due to having the ability to cripple an entire infrastructure, cyberattacks remain one of the most potent threats of today.
The WEF’s Global Risks Report 2019 lists mass incidents of data theft and large-scale cyberattacks among the top five most likely risks. In fact, extreme weather and natural disasters are the only risks that rank above them.
During recent years, IoT technology has grown quite considerably. Despite the fact that these devices make our lives so convenient, their inherent connectivity also opens the doors to numerous cybersecurity risks. Since this aspect of their design isn’t one of their strongest points, this is a reason for concern.
The level of concern isn’t to be taken lightly either. IoT devices are widely employed in today’s industrial environment, and a breach could imply devastating consequences. As a matter of fact, damaging critical services could lead to billions in damages.
The Global Risks Report 2019 marked the potential vulnerability of critical technological infrastructure as a national security concern. Failing to address the problem means failing to make the most of what technological innovation has to offer. According to John Drzik, president of global risk at Marsh, underfunding of critical infrastructure is leaving businesses vulnerable to cyberattacks as well as holding back economic growth.
You can read the full report by visiting the WEF’s official website.