Adoption of connected devices during the pandemic has led to a dramatic increase in cyberattacks and if left unchecked, the cost of cyberattacks will continue to rise, threatening a fragile global economy, WEF said on Tuesday.  

In a new report prepared in collaboration with the Council on the Connected World, titled ‘The State of the Connected World 2023 edition’, the World Economic Forum (WEF) said the immediate threats can be mitigated through robust security protocols and governance through public-private cooperation.  

The report surveyed 270 experts around the world to understand the state of play and establish clear priorities for technology governance.  

“At a time when the global economy is fragile, we have the necessary tools to reduce at least one of the major threats to the global economy – cyberattacks,” said Jeff Merritt, Head of Urban Transformation, World Economic Forum.

The report called to action for protecting against cybercrimes, which would also improve individual security and protect small and medium-sized business, transit systems, and utilities—everything that relies on connected devices.  

“Our increasingly connected existence brings with it vulnerabilities that can be exploited by malicious actors,” said Akshay Joshi, Head of Industry and Partnerships, Centre for Cybersecurity, World Economic Forum.       

“Despite calls for embedding cybersecurity by design, the low level of confidence in the security of connected devices expressed by experts in this report is a testament to the fact that we still have a long way to go in terms of realizing trust in the technology we use,” Joshi added.  

The report calls for increased consumer education through digital literacy campaigns, standardisation practices of cybersecurity measures, prioritising security by design and default (as opposed to reacting after the fact) and developing more agile policies to better address the quick-changing landscape of cybersecurity.