- Cyber Apocalypse 2023: Is The World Heading For A ‘Catastrophic’ Event?
by Bernard Marr, https://www.forbes.com/
As the 2023 annual meeting of the World Economic Forum wrapped up in Davos, Switzerland, it ended with a disturbing prediction from one of the leading voices. Delivering a presentation on the 2023 Global Cybersecurity Outlook report, forum Managing Director Jeremy Jurgens revealed that 93 percent of those surveyed believe that a “catastrophic” cyber security event is likely in the next two years.
By 2025, it’s expected that cybercrime will cost the world economy around $10.5 trillion annually, increasing from $3 trillion in 2015 according to Cybersecurity Ventures. To put that in context, if it were a country, then cybercrime would have the third largest GDP behind the US and China. Key drivers of this growth are the ongoing digitization of society, behavioral changes due to the global Covid-19 pandemic, political instability such as the war in Ukraine, and the global economic downturn.
According to the WEF report, of particular concern is that the nature of cybercrime is becoming increasingly unpredictable. This is due to technology becoming more complex – in particular, breakthrough technologies such as artificial intelligence. This means that we are increasingly at risk of what has been termed a “catastrophic” cyberattack – one that will have severe and ongoing ramifications for society at large.