Digital resilience: Building the economies of tomorrow on a foundation of cybersecurity

Digital resilience: Building the economies of tomorrow on a foundation of cybersecurity

  • We have seen the unprecedented acceleration of digital innovation that is boosting productivity, driving growth and reimagining how organizations connect with key stakeholders.
  • At the heart of this transformation is digital resilience, which positions a company to pivot quickly, adapt to smooth conditions, maintain seamless business continuity, and seize opportunities.
  • With growing incentives to address cyber threats and digital resilience issues, G7 nations have formally agreed to share their experience in preventing and mitigating cyber risks.

The dramatic digital transformation underway around the world, driven by the disruptions of COVID-19, is fueling an increase in technological innovation and generating opportunities for economic growth in global markets. Quarantine blockages, supply chain problems, and the transition to a remote workforce that occurred in the midst of the pandemic combined to radically disrupt the business consumer experience and reshape economies.

Despite the social upheavals, the pandemic brought an unexpected benefit: a seismic shift away from the traditional response to the crisis and a new reliance on advanced technologies that help companies keep pace with rapid change. Over the past two years, we’ve seen the unprecedented acceleration of digital innovation that is boosting productivity, driving growth, and reimagining how organizations connect with key stakeholders.

Building digital resilience

At the heart of this transformation is digital resilience, the “next normal.” Resilient organizations use end-to-end, technology-driven strategies to respond quickly to disruptive events, while maintaining a strong focus on competitiveness. Digital resilience creates economic benefits through agility, positioning a company to pivot quickly, adapt to fluid conditions, maintain perfect business continuity, and take advantage of market opportunities.

From the local workspace to the global marketplace, digital resilience strengthens market performance and fosters economic growth, even in times of uncertainty. Whether it’s a global pandemic or rising inflation, leaders are finding that investing in the future continues to pay dividends. Technology gives leaders the ability to manage risk and take advantage of new opportunities. It can improve the ability to act on customer demands and provide detailed data analysis to make effective business decisions.

A new window of opportunity

Throughout the pandemic, resilient industries have continually increased investment in digital transformation, turning almost overnight with emerging solutions.

Amid new and evolving risks, leaders now have a window of opportunity to shape the future of digital transformation. Now is the time to go downstairs and align the skills, strategies, and solutions needed to build transition frameworks across society. Public and private sector leaders can work together to build practical roadmaps for collective resilience that contribute to economic growth and global innovation.

Build a global collaboration to combat cyber threats

Governments around the world have already focused on building digital resilience by demonstrating their commitment to international cooperation on behalf of their citizens. Imminent escalation of cyber risks, malicious cyber activities and ransomware attacks are key to the discussion.

The World Economic Forum, which issued a wake-up call to its recent Global Risk Report, notes that world leaders identified cyber risk as a major digital challenge, with 64% of respondents expecting to experience a global risk. disruptive event over the next year. Nearly one in five (19.5%) respondents believe that cybersecurity failures will be a critical threat to the world in the next two years alone, and 14.6% project a critical threat in two to five years. years.

With growing incentives to address cyber threats and digital resilience issues, G7 nations have formally agreed to share their experience in preventing and mitigating cyber risks. This is an important step in protecting companies globally as they transform at high speed. In their G7 statement, G7 finance ministers and central bank governors agreed to work on priorities to ensure that the global financial sector remains resilient and well protected from the threat of cyber attack.

Balancing innovation, resilience and advocacy to build trust

As the global drive for safe and secure digital transformation increases, economic recovery and growth depend on gaining public trust with a three-tier approach. The balance between innovation, digital resilience and safeguarding a strong digital defense is crucial to gaining and maintaining the trust of people and businesses around the world.

We need to work together to build a solid framework of trust. Nothing has a higher priority on this front than critical data protection. And the sheer volume of data being consumed and transmitted in recent years is no small challenge.

Global data protection index

On average, international organizations manage 10 times more data than they did five years ago, according to the Dell Technologies 2021 Global Data Protection Index survey by global IT executives. Our research shows that 44% of companies surveyed experienced more cyberattacks and data loss over the past year, and more than 67% did not trust that all critical data for the company could be recovered in the event of a cyberattack. 82% of customers do not believe that their current data protection product is sufficient to meet future business challenges.

Now is the time for governments and business leaders to work together to improve digital resilience and unlock the power of data for the benefit of all.

Collaborations in action

In the European healthcare community, for example, the pursuit of technological innovation led to the European Regulation on the health data space. The EHDS details a European framework for success that establishes a single market space for health data to empower people seeking easier access and greater control over the privacy of their personal health data.

The European Union has also vindicated the race for innovation, announcing its vision for a digital decade. The EU set a deadline of 2030 to address the gaps in the technology revolution and move forward on an agenda of business transformation, secure digital infrastructure, digitization of public services and cyber skills. Other countries and regions around the world are taking a similar approach to digital and cyber resilience now at the core of economic planning.

Economic opportunities for digital resilience, new technologies and cyber skills

Progress on the path to digital resilience not only prepares public and private sector organizations for a possible crisis, but also creates economic growth. A vital innovation that drives the economy is the adoption of emerging technologies such as artificial intelligence (AI), machine learning, and the Internet of Things (IoT). These advanced technology tools can deliver new efficiencies, accelerate data-driven decisions, and help bring new products and services to market faster than ever before, while maintaining confidence in a global digital economy.

The World Economic Forum’s Cybersecurity Center is leading the global response to addressing systemic cybersecurity challenges and improving digital confidence. The center is an independent and impartial platform committed to fostering international dialogue and collaboration on cybersecurity in the public and private sectors.

Since its launch, the center has had an impact on the entire cybersecurity ecosystem:

  • Training of a new generation of cybersecurity experts
    Salesforce, Fortinet and the Global Cyber ​​Alliance, in collaboration with the Forum, offer free and accessible training worldwide through the Cybersecurity Learning Hub.
  • Build a global response to cybersecurity risks
    The Forum, in collaboration with Oxford University – Oxford Martin School, Palo Alto Networks, Mastercard, KPMG, Europol, the European Network and Information Security Agency and the National Institute of Standards and Technology of the United States, is identifying the future global risks of the next: generation technology.
  • Improving cybersecurity in the aviation industry
    Through the Cyber ​​Resilience in the Aviation Industry initiative, the center has been improving cyber resilience in aviation in collaboration with Deloitte and more than 50 international companies and organizations.
  • Make the global electrical ecosystem more cyber resilient
    The Center and Platform for Shaping the Future of Energy, Materials and Infrastructure have brought together leaders from more than 50 companies, governments, civil society and academia to develop a clear and coherent cybersecurity vision for the electricity industry. .
  • The Council on the Connected World agreed on IoT security requirements for consumer-oriented devices to protect them from cyber threats, and called on the world’s largest manufacturers and retailers to take steps to improve their security. ‘IoT.
  • The Forum is also a signatory to the Paris Call for Confidence and Security in Cyberspace, which aims to ensure global digital peace and security.

Contact us for more information on how to get involved.

But we cannot seize these opportunities without addressing cybersecurity and addressing the global shortage of qualified cybersecurity personnel. The economic cost of security breaches reached a staggering $ 4-6 trillion in 2020, the equivalent of about 4-6% of world GDP, according to the UNCDF. And we lack the staff to deal with the costs. According to Cybersecurity Ventures, worldwide, the number of unoccupied cybersecurity sites has more than tripled, from 1 million in 2014 to 3.5 million in 2021. Organizations can make great strides in cost savings by obtaining the support of CEOs and corporate boards to advocate for efforts to close the cyber skills gap, such as investing in educational programs and curricula that expand access to cybersecurity and computer skills.

In this age of unparalleled technological innovation, a global impetus is being generated for rapid digital transformation in all sectors and economies. If we are committed to fostering digital resilience and ensuring that strong cyber protections are established, we will see the success of an ambitious global economic agenda in the coming years and our societies will realize the great potential of the fourth industrial revolution.

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