March 28, 2023

Volume XIII, Number 87


March 27, 2023

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World Economic Forum’s Global Cybersecurity Outlook for 2023 Is Bleak

Sorry to be the bearer of bad news but remember that I am only the messenger. According to the World Economic Forum’s Global Cybersecurity Outlook 23 Insight Report (published in collaboration with Accenture), although business leaders are more aware of the risk of cyber issues to their organizations, there remain challenges on how organizations are addressing and mitigating that risk.

According to the Report, “business and cyber leaders believe global geopolitical instability is moderately or very likely to lead to a catastrophic cyber event in the next two years.” Respondents understand the changing landscape of cyber attacks and they “now believe that cyberattackers are more likely to focus on business disruption and reputational damage. These are the top two concerns among respondents.”

In addition, 43 percent of respondents believe that it is “likely that in the next two years, a cyberattack will materially affect their own organization.” They also recognize that their organization’s cybersecurity risk is related to their supply chain partners’ security posture. Executives “see data privacy laws and cybersecurity regulations as an effective tool for reducing cyber risks across a sector.” Not that they want to see more regulations, but they recognize that such rules can incentivize organizations to have basic cybersecurity measures in place. Although the news is bleak that sophisticated cybersecurity attacks will increase and become more disruptive, it appears that organizations are becoming more aware of the risk, are trying to build a more robust cybersecurity posture, and are seeking ways to communicate more clearly across the organization. All of these measures are positive, but challenging, particularly in the face of a dearth of cybersecurity talent worldwide.

Copyright © 2023 Robinson & Cole LLP. All rights reserved.National Law Review, Volume XIII, Number 33

About this Author

Linn F. Freedman, Robinson Cole Law Firm, Cybersecurity and Litigation Law Attorney, Providence

Linn Freedman practices in data privacy and security law, cybersecurity, and complex litigation. She provides guidance on data privacy and cybersecurity compliance to a full range of public and private clients across all industries, such as construction, education, health care, insurance, manufacturing, real estate, utilities and critical infrastructure, marine, and charitable organizations. Linn is a member of the firm's Business Litigation Group and chairs its Data Privacy + Cybersecurity Team. She is also a member of the Financial Services Cyber-Compliance Team (CyFi ...