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Cybersecurity Is The Biggest Threat To The World Economy Over The Next Decade, Ceos Say
Cybersecurity Is The Biggest Threat To The World Economy Over The Next Decade, Ceos Say
Cybersecurity is the biggest threat to the world economy over the next decade,
CEOs say
CEOs see cybersecurity as the number one threat to the global economy over the next
five to ten years, a new report has claimed.
Income inequality and job losses arising from technological change were ranked second
and third in the list of threats, while ethics in artificial intelligence and climate change
rounded out the top 5.
‘Tipping point’
According to the study, global CEOs see more growth opportunities than risks in acting
on those global challenges, with half of chief executives saying they believed the world’s
largest companies should be engaged in addressing such problems.
More than two in three CEOs also said they were likely to take a public stand on the
biggest global challenges.
“We have arrived at a tipping point in corporate action on global challenges which will
have a powerful impact. The world’s largest companies are set to undertake a range of
meaningful actions to address global challenges such as income inequality, the ethics of
AI, cybersecurity, and climate change,” the report said.
The most common action being taken by CEOs was realigning their corporate purpose
to address societal problems. Boardrooms are also more likely to establish partnerships
with governments or non-government organizations (NGOs). Just under half of
respondents said they had adopted a corporate reporting framework that incorporated
non-traditional values, or had participated in industry coalitions.
Investors were also surveyed and ranked the integration of global challenges into
corporate strategies as their top priority for CEOs. 43% said a CEOs’ top priority when it
came to addressing these issues should be linking internal governance, performance
measures and rewards to the fixing of global problems.
“CEOs, boards and investors recognize they have a role to play — along with the public
sector — in addressing social challenges that speak to their values and in pursuing
inclusive, sustainable growth,” Carmine Di Sibio, EY global chairman and CEO, said in
a press release Tuesday. “It’s encouraging to see signs of support within the investment
community for long-term value creation.”
EY’s survey was conducted between January and April 2019 and included respondents
from companies in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific
region.
Reference:
Cyber security biggest threat to world economy. (2019, July 9). CEO 2019 Imperative
study. Retrieved from CNBC. com: https://www.cnbc.com/cybersecurity-biggest-threat-
to-world-economy-ceos-say.html
Summary
Cyber threats are on the rise across the globe and no company is immune to the
potential fallout a cyberattack can create. What was seen as a “tech industry” problem
has escalated into a crisis that should concern every high-level executive, especially
CEOs. The CEOs take an action of this issue to prevent the problem of million dollars
loss in their big companies that can take years to repair. First, the world’s largest
challenges such as income inequality, the ethics of AI, cybersecurity, and climate
change. Second, CEOs was realigning their corporate purpose to address societal
problems. Boardrooms are also more likely to establish partnerships with governments
or non-government organizations (NGOs). And last, The Top priority of CEO’s priority
Reaction
restrict that easily. In fact, it is highly likely that cybercrime and its hackers will continue
developing and upgrading to stay ahead of the law. So, to make us safer we must need
cyber security. Public safety, military, homeland security professional’s depend more
and more on information technology and secure digital infrastructures. They need
keen understanding of the cybersecurity issues at hand so they can make informed
decisions that best benefit all their stakeholders, from the board and investors to the
customers and employees and anyone else in between. Corporate management should
ensure that a good security incident response plan is in place to address any
vulnerability. We need a good combination of laws and technology in harmony with the
Positive Impact
tool. ICT tools employed within companies help to streamline business processes and
world has created new ways for businesses to serve their customers. The Internet has
eased the conditions of investing. It’s easier to track the profits of businesses and
research factors from the news that may affect a business. The Internet has opened
investing to more participants. Consumers can invest in businesses that they may not
Philippines: The Philippines growing middle class and young population are important
Philippines are seen as another source of opportunity. There is a growing demand for
automation across sectors and this will lead to robust opportunities for software and
services. Migration to cloud services and cybersecurity solutions are technology trends
that are expected to have the most positive impact on IT services. These developments
are expected to boost investments in information technology products and services and
Local Community: The Internet has allowed businesses to create communities for those
that share similar interests in products and businesses. These communities help
businesses develop their brand and create a positive image. Businesses are able to
customize products or services with ease, which increases the satisfaction of the
customers and increases profits. The Internet has enabled business to obtain valuable
also able to effectively use targeted advertising by appealing to specific publishers and
media that are specifically related to their product or service. Small businesses can start
a low-cost website, gain visibility and advertising through connecting with blogs, social
networking and affiliate programs and even find venture capital/investors. The
and enables businesses to get connected to the customers. The accessibility enables
Negative Impact
business. There is the direct economic cost of such attacks to the business, such as
systems all resulting in financial loss. As well as the physical impact, cyber security
breaches can also cause reputational damage. The impacts of a single, successful
intellectual property, and loss of consumer confidence and trust. The overall monetary
year.
Philippines: Companies that get hacked have a bigger problem than just paying for the
company's fortunes. If a bank has been compromised multiple times, customers are
less likely to give them their personal information. The same goes for retailers who lose
information to hackers. These companies lose business over time because of damaged
similar reputation problem when it comes to their credit rating. The internet and cloud-
based software systems have made data storage a game changer for many companies.
Not only do companies no longer need the physical space to store thousands of
documents, but they are also able to access them quickly and from anywhere. Cloud
storage reduces the costs of office and warehouse space and shredding services. It
also makes it easy for a company to document customer history. With good cloud-
based solutions, there is little risk of losing data as long as it is backed up in secondary
Local Community: When business is conducted over the Internet, technical glitches or
malicious hackers can expose sensitive data, such as addresses, passwords, credit
card details or bank account details. At best, such an occurrence can result in bad
publicity for the affected company, leading to a loss of revenue as the company
struggles to regain the customers' trust; at worst, it could lead to fraud or identity theft.
The disadvantage of all that convenience is that you don't always know who is on the
other end of the Internet connection. Social networking sites allow people to
impersonate others, gain the trust of unsuspecting users and then defraud them of
money.