‘Clear and Present Danger’: Why Cybersecurity Risk Management Needs to Keep Evolving

‘Clear and Present Danger’: Why Cybersecurity Risk Management Needs to Keep Evolving

The phrase ‘future-proof’ is seductive. We want to believe technology prepares us for the future. But with threat actors and developers in an arms race to breach and protect, cybersecurity risk — and cybersecurity risk management — are always changing. As a recent report by World Economic Forum shows, businesses and other entities should know how to keep up with and measure cybersecurity risk. Both are important and ongoing aspects of keeping your digital assets secure.

The Threat of ‘Cybersecurity Failure’

In early January, the World Economic Forum (WEF) released its Global Risks Report 2021. In this report, built from a survey, 650 members of WEF’s leadership groups offered their perspective on global risks. Their responses helped illustrate some of the major sources of risk confronting the world going into the new decade.

One of those was ‘cybersecurity failure.’ In other words, defensive measures always lag behind threat actors and breaches. Members of the WEF see this failure as one of the highest likelihood risks of the next decade. More than one-third (39%) said they regarded it as a ‘clear and present danger,’ meaning it will likely take effect over the next two years. About half (49%) expect it will also be an issue in the next three to five years.

Today’s Threats to Cybersecurity Risk Management

The reality is the world doesn’t need to wait for this failure. It’s already here, and one need not look far for proof.

Worldwide information security and cybersecurity risk management spending will grow 2.4% to reach $123.8 billion by the end of the year, clear present danger cybersecurity management needs evolving