Flurry of cyberattacks causes concern for Davos elites at World Economic Forum

Cybercrime was the focus of everyone’s attention at this year’s World Economic Forum in Davos. Recent high profile attacks have made victims of the likes of Sony Pictures, eBay, Target and JP Morgan in particular, each making headline news in recent months, and they have certainly caught the attention of the Davos elites.

It is believed that a failing to improve cybersecurity across the world would cause the global economy an unprecedented $3 trillion, which is why banks are investing more heavily than ever in the protection of their online services.

Boss of Swiss cyber-security firm WISeKey, Carlos Moreira, said “every time we talked to a top 500 company about cybersecurity, they’d say to us: ‘talk to my technology guy.’ Now the board of directors, the CEO’s of the companies pay attention. There is a new sense of urgency.”

Companies and business leaders are trying to come up with certain preventative measures to help alleviate the worrying threat of cyberattacks. Many believe the answer lies with more cooperation between governments and companies to help prevent future threats.

At the same time, there’s a battle to balance the need for security alongside national government’s desires to increase their access to data. Satya Nadella, chief executive of Microsoft, called for a global consensus that would allow technology to progress while ‘supporting the legitimate interests’ of individuals, societies and governments.

With the recent attacks in Paris rounding off what has been a turbulent time with regards to privacy and security, never has there more of an emphasis on cybersecurity but the challenge remains as to how best go about ensuring a safe online environment for global corporations and access to potentially significant data for governments and agencies worldwide.

Author , ESET

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