The Actuary Predictions, 24 Jan 2018: “The world’s first global platform for businesses, governments and law enforcement agencies to collaborate on cyber security challenges was launched today at the World Economic Forum (WEF).

The Global Centre for Cybersecurity will function as an autonomous organisation, allowing for information exchange, and the setting of international standards to counter digital crime.

It is estimated that the cost of cyberattacks to the global economy could rise by $500bn (£355bn) every year, with this risk identified by the WEF as one of top two biggest threats facing businesses this year.

“The new Global Centre for Cybersecurity is designed as the first platform to tackle today’s cyber risks in a truly global manner,” WEF managing director, Alois Zwinggi, said.

“If we want to prevent a digital dark age, we need to work harder to make sure the benefits and potential of the fourth industrial revolution are secure and safe for society.”

The centre intends to establish an independent library of cyber best practices and work towards an agile regulatory framework, while also acting as an early-warning think tank for future cyber security scenarios.

It is thought that this will be increasingly necessary as new technologies like artificial intelligence, the internet of things and robotics become more integrated into sensitive areas like finance and healthcare.

This comes after a survey of over 1,900 risk experts from 80 countries by Allianz found that cyber incidents are considered the second biggest threat by businesses globally this year.

The financial services firm said the potential for hackers to disrupt a large number of companies through common infrastructure dependencies is increasing.

Despite this, cyber incidents are ranked as the most underestimated risk for 2018, and are also though to have the potential to cause the greatest long-term damage.

“Every company has been, or will be impacted by cyber risk,” Allianz Global Corporate & Specialty UK CEO, Brian Kirwan, said. “Far from being over-hyped, the threat is under-appreciated and not always well understood.

“With an increase in the demand for cyber risk products, and in the volume of claims, it’s no surprise to see cyber as the top risk again for businesses in the UK.””

For original article please see here.