With citizens, governments, and businesses more dependent than ever on digital connectivity, cybersecurity remains one of the most pressing sectoral issues of the decade. While cybersecurity remains critical and has been given the required importance, there remains a perception gap between executives, who feel positively about their cyber resilience, and security leaders who do not.
In reality, cybercrime is showing no signs of slowing down and continues to pose risks across different aspects of society. As per a report by US Security Firm CrowdStrike, Indian firms suffered more ransomware attacks than any other country in 2021. These statistics demonstrate the gravity and prevalence of cybercrime today. As we focus on global recovery, and a new era of economic growth, the question is, how do we protect against cyber threats?
In recent months we’ve seen more focus on policy matters. Both WEF’s Global Risk Report for 2022, and the G7 communique saw commitments from governments to work together to share expertise and minimise cyber risks.
In order to deliver on globally ambitious designs of digital inclusion, sustainability, improved health outcomes, defence, and much more for the economies of tomorrow, cyber resiliency is a key building block and enabler.It's no secret that advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML) and IoT are the key building blocks for future progress, but perhaps ironically, it’s these same technologies that can present new opportunities for cyber criminals. It is therefore important to secure newer technologies by enabling more resilient, long-term solutions to the threats posed by cyber criminals. Economic rebalancing will only be equitable if these tools are accessible to all organisations and businesses. To make this vision a reality, the need for collaboration and support between the public and private sectors remains important.
Small and Medium-sized Enterprises (SMEs) are the backbone of local economies. SMEs are seen as key to trade and logistics, partner networks, and digital ecosystems.
Research shows that 2 43% of cyberattacks are made against small businesses, up from 18% just a few years ago. Recent WEF reports indicate that 88% of respondents are concerned about the cyber resilience of SMEs in their ecosystem. It is essential that we work to support and protect such businesses, particularly as we look towards building more resilient and balanced societies. SMEs, unlike other businesses, often require greater government support.
Governments that recognise SMEs as integral to a flourishing society will empower them and they in return will contribute to the economic progress. Helping these smaller organisations protect themselves against the ever-growing cybersecurity threat must be a priority for public sector recovery strategists, in the months and years ahead.
The convergence of proactive and reactive digital resilience strategy is now imperative across organizations, businesses, and industries – cybersecurity defences alone are no longer enough.
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