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Future Technologies and Cyber Risk

The digital world connects everything and everyone to apps, data, purchases, services, and communication. Securing this world is essential for protecting people, organizations, habitats, infrastructure, and just about everything we value and rely on for health and prosperity — from smarter choices to smart cities. Risks abound, but so do solutions, including those based on artificial intelligence and the “Zero Trust” model. As hazards morph, so must our responses; digital threats demand vigilance, determination, and resolve to react with precision to an ever-expanding cycle of risk.

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Where has this trend had an impact?

  • A software company lost millions in revenue after it fell prey to a malware attack that scrambled computer hard drives, which affected its order receiving and processing systems.
  • Security researchers unveiled vulnerabilities in connected medical devices that can be exploited by hackers remotely to alter vital signs of patients in real time and potentially cause medical staff to make inappropriate critical care decisions.
  • A financial services firm experienced financial losses due to a software glitch in its high-frequency trading algorithm that forced the company to automatically sell overvalued shares back to the market at a lower Where has this trend had an impact?

What does this mean for organizations?

  • Invisibility of cyber risks for digital transformation leaders and other senior executives because cyber risk management is distributed among lower-level IT professionals and technology service providers.
  • Increased complexity in addressing new cyber risk challenges as the adoption of digital technologies, such as IoT and cloud, have increased the attack surface.
  • Greater difficulty in identifying intelligent malware as it learns to mimic normal user behavior to avoid being detected.
  • More instances of impact on physical safety, especially as automated attacks compromise or subvert physical systems, such as home automation systems and even industrial infrastructure.
  • Increased frequency of intelligent attacks on a large scale using AI and automation technologies delivered via the cloud. (Deloitte)

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To shed more light on this important topic, we have organized a session with some of the leading experts as a part of the World Economic Forum’s Building Strategic Intelligence series.