Cyber risks became a growing concern during 2017, propelling cyber attacks and massive data fraud into the top five most likely global risks over the next 12 months.
The number of cyber breaches recorded by businesses has almost doubled in five years, from 68 breaches for each organisation in 2012 to 130 in 2017.
The financial cost of cyber attacks is also rising. One study put the cost of responding to cyber attacks last year at an average of £11.7m (UK) per company, and cyber attacks are expected to cost businesses $8tn (US) over the next five years.
The dark internet has once again become a thriving market for malware services and software, following a successful crackdown in 2012.
In 2016 alone, more than 360 million new variations of malware were released, with Trojans designed to steal malware available for as little as $500.
Ransomware, which locks companies and individuals out of their data unless they agree to pay a ransom to release it, was responsible for a high percentage of the cost. It accounted for nearly 70% of malicious emails sent between July and September last year, affecting double the number of businesses than 2016.
The Wannacry attack affected 300,000 computers across 150 countries. It disrupted critical infrastructure across the world, including hospitals, government ministries, railways, banks, telecoms companies, energy providers, and car manufacturers.
The emergence of cyber space as an unregulated battlefield has created new ways for states to advance their interests, allowing interference in domestic or economic affairs that might be otherwise be considered acts of aggression.
The WEF first warned of the danger of spreading misinformation across social media five years ago, and since then the practice has surged.
According to one study, the top 20 false news stories out-performed the top 20 news stories from major news outlets, while other studies show that people have difficulty distinguishing the fake news from the genuine.
Source : http://www.computerweekly.com/news/450433286/Davos-Disintegration-of-the-internet-could-create-economic-turmoil