Cybercrime will be second greatest risk to businesses in next 10 yrs: WEF

The World Economic Forum has expressed concern over the increasing cybercrime and said efforts to protect people, data, devices and the infrastructure of the internet must be enhanced to deal with the threat.

Hyderabad: Terming cybercrime a "global threat", the World Economic Forum (WEF) has cautioned that cyberattacks will be the "second greatest risk" for business globally in the next 10 years.

"Cybercrime is a global threat that should concern every decision-maker, whether at the corporate or national level," the WEF said in its annual report released on Wednesday.

According to the World Economic Forum Global Risks Report 2020, an estimated 4.66 billion people around the world currently use the internet, a number that has tripled in the past 12 years as connectivity has become more accessible, and that will continue to increase.

Peoples' reliance on the use of computers and technology has changed the way businesses are conducted, the way people communicate and socialize and with the technology becoming an indispensable part of all facets of life, humans are increasingly dependent on the internet, it said.

"Our efforts to protect people, data, devices and the infrastructure of the internet itself from cybercriminals have not matched the threat they pose," the WEF report said, adding that cybercriminals steal an estimated $600 billion per year from governments, companies and individuals, while the overall loss of company revenues over the course of five years, from 2019 to 2023, will reach $5.2 trillion.

In fact, the report said, cybercrime is one of the most disruptive and economically damaging criminal activities. Not only does it cause

substantial financial damages and pose a serious threat to society and the global economy, it also has indirect effects in undermining the public’s confidence in digital transformation and overall trust in technology.

"Unless action is taken now, by 2025 next generation technology, on which the world will increasingly rely, has the potential to overwhelm

the defences of the global security community," the WEF said.

Suggesting what should be done to deal with the threat, it said enhanced cybersecurity is the only means by which this challenge can be addressed.

"The approach to cybersecurity needs to be overhauled before the industry finds itself in any fit state to tackle the threat," it suggested.

Embracing a shared narrative for collective action against cybercrime, cooperating on the basis of long-term strategic alignment and undertaking trust-building behaviours are some of the measures that need to be taken before it gets too late, the report said.