Cyber inequity, AI key risks in 2024, says World Economic Forum study

AI advances pose more serious risk on elections that will be held this year across the world

Rise in cyber inequity and emerging technologies such as Artificial Intelligence (AI) pose major challenges to the global cybersecurity landscape this coming year, according to a study by the World Economic Forum (WEF).

The increasingly stark divide between cyber-resilient organisations and those that are struggling has emerged as a key risk for 2024. The number of organisations that maintain minimum viable cyber resilience is down 30 per cent compared to a year earlier. While large entities demonstrated notable gains in cyber resilience, small and medium-sized firms showed significant decline.

“There has been a sharp increase in cyber inequity globally, with 90 per cent of executives warning that urgent action is needed to address it,” said WEF’s Global Cybersecurity Outlook 2024 report released on Thursday.

One of the biggest threats of technologies such as AI and generative AI (GenAI) is on elections that will be held in more than 45 countries making up over 50 per cent of the world’s gross domestic product, the report said, adding that advances in AI posed greater risks than deepfakes or misinformation.

“With the proliferation of new technologies such as generative AI and their use by cyber adversaries becoming more widespread, safeguarding the integrity and fairness of the electoral process becomes of paramount importance,” said the report.

In addition, cyber skills and talent shortage continue to widen at an alarming rate. Only 15 per cent of all organisations are optimistic about significant improvements in cyber skills and education in the next two years.

According to the report, experts are less optimistic about the positive impact of GenAI in cybersecurity, at least in the immediate term. Less than one in 10 respondents believed that in the next two years GenAI would give an edge to defenders over attackers. Also, nearly half of the experts surveyed agreed that GenAI would have the most significant impact on cybersecurity in the next two years.

“As the cyber realm evolves in response to emerging technologies and shifting geopolitical and economic trends, so do the challenges that threaten our digital world,” said Jeremy Jurgens, managing director, WEF, Switzerland.

“We urgently need coordinated action by key public-private stakeholders if we are to collectively address these complex, ever-evolving threats and build a secure digital future for all,” he added.

According to the report, external partners are both the greatest asset and the biggest hindrance to the cybersecurity of any organisation. Around 41 per cent organisations surveyed said they suffered a material incident in the past 12 months caused by a third party.

The report, in collaboration with Accenture, is based on surveys carried out between June and November 2023.