In its global cybersecurity outlook 2024 report, WEF urged for a concerted collaboration across borders and industries to counter interrelated threats and build a more resilient environment, given the increasingly complex cyber threat landscape.
“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.
“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,” said WEF MD, Jeremy Jurgens.
The report said the increasingly stark divide between cyber-resilient organisations and those that are struggling has emerged as a key risk for 2024, with the number of organisations that maintain minimum viable cyber resilience down 30% compared to last year.
“While large organisations have demonstrated notable gains in cyber resilience, small and medium-sized companies (SMEs) showed a significant decline.
“This growing inequity is being fuelled by macroeconomic trends, industry regulation, and, crucially, early adoption of paradigm-shifting technology by some organisations,” it added.
In addition, the report noted that cyber skills and talent shortages continue to widen at an alarming rate.
“Only 15% of all organisations are optimistic about significantly improving cyber skills and education in the next two years,” it said.
The report also highlighted that for emerging technologies, fewer than one in 10 respondents believe generative AI will give an advantage to defenders over attackers in the next two years.
About half of the experts surveyed agreed that generative AI will have the most significant impact on cybersecurity in the next two years, the report said.
“Its rise is stoking fears among experts about the exacerbation of long-standing challenges, with around half of executives saying that AI-driven advances in adversarial capabilities of cyber criminals (phishing, malware, deepfakes) present the most concerning impact of generative AI on cybersecurity,” said the report.
The WEF surveyed 204 participants from 49 countries, with 199 qualified participants fully completing the survey.