Global Cyber security Outlook 2022: The Global Cyber security Outlook 2022 was recently published by the World Economic Forum (WEF) during its online Davos Agenda summit.

• The Global Cybersecurity Outlook flagship report identifies the trends and analyzes the near-term future cybersecurity challenges.

Key Points of the report:

• In 2021, the accelerating pace of digitalisation, fuelled by the COVID-19 pandemic, has led to the increase of ransom ware attacks by 151%.
• Each organization faced an average of 270 cyber-attacks.
• Each successful cyber breach cost a company $3.6 million (almost Rs. 27 crore).
• With the surge in global digital economy during COVID-19 pandemic, the cybercrime also increased.
• As per the survey, Ransomware is the topmost concern for organizations when it comes to cyberattacks, followed by ‘social engineering’ (such as through phishing emails), and malicious insider activity.
• The WEF report stressed that companies must now embrace cyber resilience for not only defending against cyberattacks but also preparing for swift and timely incident response and recovery when an attack does occur.

What are the findings based on?

• The findings are based on a survey of 120 cyber leaders from 20 countries over 2021 across the world.
• The WEF Centre for Cybersecurity held the survey in collaboration with consultancy firm Accenture.
• In addition to the survey, information was gathered through a series of ‘Cyber Outlook’ sessions, interviews and ‘bilateral meetings’, and data from WEF reports, research and articles and third parties.

Aim of the Report:

• The aim of this report is to provide an in-depth analysis of the challenges that security leaders are dealing with, the approaches they are taking to stay ahead of cybercriminals and the measures they are implementing to enhance cyber resilience not only within their organizations but also within the wider ecosystem.