Cyber-risks are predicted to be the top risk for businesses in 2022, with cyber-attacks becoming even more sophisticated and frequent, which will lead to a significant increase in the volume of cyber-attacks.
With all the technological developments and increased globalization, cyber-risks became a bigger threat than COVID-19 pandemic and geopolitical tensions. The spread of this risk is due to the increased complexity of networks and systems, making it hard for experts to monitor and mitigate such threats.
In the World Economic Forum’s Global Risks Report, cyber-risks ranked higher than COVID-19 pandemic and geopolitical tensions in terms of threat to global markets.
The report is predicting that cyber-security will be a major issue affecting global risk in coming years because of the impact it has on critical infrastructure. The report states that “the potential for a high degree of destruction multiplies” when you consider how much more data is being generated and stored every day.