Greater connectivity in the digital age is empowering progress, but it’s also intensifying the effects of ransomware and other cyberattacks. This year's Global Risks Report, published by the World Economic Forum in collaboration with Zurich and other leading organizations, points to the trend of broader cyberattacks.
The WannaCry attack in May of 2017, for example, rippled through critical infrastructure and strategic industrial sectors, disrupting government ministries, railways, banks, telecommunications providers, energy companies, car manufacturers and hospitals in over 150 countries.
In a worst case, a cyberattack could disable systems society depends on for basic functioning.
“Risk managers definitely have to think beyond just their own organization now,” said Lori Bailey, Zurich’s Global Head of Cyber Risk. Businesses should consider: “How am I going to be resilient if I have no power or can’t operate or connect to the Internet?”
Watch our video to see how strong public-private partnerships may help address questions like that one.