AI, cyber inequity portend risks for cybersecurity sector – Report

The World Economic Forum (WEF), a renowned independent international organization dedicated to public-private cooperation, has unveiled a report offering a comprehensive overview of the diverse challenges confronting the global cybersecurity landscape.

The report underscores the escalating cyber inequity and identifies emerging technologies, notably artificial intelligence, as prominent and burgeoning risks in the rapidly expanding cybersecurity sector for the upcoming year.

The 2024 Global Cybersecurity Outlook, created in partnership with Accenture, condenses insights from industry experts and global executives regarding key cyber trends for leaders to navigate in the upcoming year. Conducted through surveys from June to November 2023, the report stresses the need for collaborative efforts across borders and industries to address the intricate cyber threat landscape and foster a more resilient environment.

“As the cyber realm evolves in response to emerging technologies and shifting geopolitical and economic trends, so do the challenges that threaten our digital world,” said Jeremy Jurgens, Managing Director of the World Economic Forum, Switzerland.

“We urgently need coordinated action by key public-private stakeholders if we are to collectively address these complex, ever-evolving threats and build a secure digital future for all,” Jurgens added.

Cyber inequity

The widening gap between cyber-resilient and struggling organizations is a critical risk for 2024. The number of organizations maintaining minimum cyber resilience has dropped by 30% compared to last year. Notably, large organizations have improved, while small and medium-sized companies have experienced a significant decline.

The increasing cyber inequity results from macroeconomic trends, industry regulation, and the early adoption of transformative technology by select organizations. The widening shortage of cyber skills and talent is a significant concern, with only 15% of organizations optimistic about substantial improvements in cyber skills and education over the next two years.

In an interconnected world, no organisation is entirely secure. The report indicates that external partners serve as both the greatest asset and the primary obstacle to an organization’s cybersecurity. Notably, 41% of surveyed organizations that experienced a significant incident in the past 12 months attributed it to a third party.

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“No country or organisation is spared from cybercrime, yet many are direly underequipped to effectively face the threats, and we cannot have effective global response mechanisms without closing the capacity gap.

“It is crucial that key stakeholders work collaboratively towards immediate, strategic actions that can help ensure a more secure and resilient global cyberspace,” said Jürgen Stock, Secretary-General of INTERPOL.

Artificial intelligence

Emerging technologies, especially artificial intelligence (AI), stand out as a crucial trend in this year’s outlook. Less than 10% of respondents anticipate that generative AI will favour defenders over attackers in the next two years. Around half of the surveyed experts predict that generative AI will have the most significant impact on cybersecurity during this period.

However, concerns are rising among experts about the potential exacerbation of long-standing challenges, with approximately half of executives expressing apprehension about AI-driven advancements in cybercriminal capabilities, including phishing, malware, and deepfakes.

Cyber resilience

Despite the concerns mentioned, experts are pointing to a notable positive shift in the attention given to cybersecurity on a global scale. This heightened focus is particularly evident at the executive and CEO levels, where there is a discernible increase in awareness and prioritization of cybersecurity issues.

Moreover, the report indicates a growing trend toward incorporating cyber resilience strategies into organizational risk management practices. This signifies a proactive approach to addressing evolving cyber threats and underscores a broader acknowledgment of the integral role cybersecurity plays in overall business risk mitigation.

“Cyber resilience is increasingly dependent on a C-suite team that closely collaborates and communicates security priorities across the business and the industry.

“This approach provides a clear view of cyber risks and allows security to be embedded from the start in all strategic business priorities as well as across third parties, vendors, and suppliers.” Paolo Dal Cin, Global Lead, Accenture Security, said.

Chidimma Gold