Despite ongoing cyber threats, safety protocols lag far behind the escalating cost to the global economy caused by cyberattacks, which is predicted to rise from $8.44 trillion in 2022 to $23.84 trillion by 2027

The global pandemic saw cyberattacks increased during the rapid adoption of connected devices for critical for work, education and healthcare providers.

According to new World Economic Forum report, State of the Connected World 2023, only 4% of experts worldwide are “confident” that connected devices are properly secure.

The State of the Connected World 2023 edition, a joint effort of the World Economic Forum and the Council on the Connected World, stated that potential risks can be managed through strong safety measures and public-private collaboration.

Jeff Merritt, Head of Urban Transformation, World Economic Forum says 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

“The State of the Connected World report is a call to action for protecting against cybercrimes, which would also improve individual security and protect small and medium-sized business, transit systems, utilities – everything that relies on connected devices.” said Merritt

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

“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 realising trust in the technology we use.” he said

The report recommends an expansion in consumer training through digital literacy initiatives, standardising cybersecurity measures, prioritising security implementation as a priority (rather than after the fact) and creating more adaptable policies to more effectively address the rapidly changing world of cybersecurity.

Madeline Carr, Professor of Global Politics and Cyber Security, Department of Computer Science, University College London said “We find ourselves at an inflection point this year with a number of global forces putting downward pressure on the economy,”

“It is essential that cybersecurity challenges are not left unchecked to further exacerbate this but are taken seriously as an integrated element of a thriving global economy.” said Professor Carr

To ensure that emerging technologies are used safely and securely, it is essential to have robust governance. Issues such as security, privacy, trust, and the compatibility of various IoT devices have to be tackled in order to be able to fully benefit from the Internet of Things.

This can be achieved through a joint effort from the global community, with the help of collaborative projects between the private and public sectors.

The 2023 report on the state of the connected world highlights the current gaps in governance and paves the path to address the associated risks of cyberattacks.