Risks will be broad and deep in 2023, posing interconnected and existential threats across geographies and sectors, says the risk consultancy, Control Risks. It’s launched its annual Risk Map, its forecast for business. The firm pointed to fractious geopolitics, armed conflict, disrupted energy systems, economic strife, and disarray in digital networks during the coming year – and ranks cyber risk at the top.
As for cyber in 2023, expect the emergence of a fundamental breakdown of global networks into distinct regional, or even national architectures, caused by the weaponisation of cyberspace and a clash of national interests, the firm says. The ambition of operating a single, global network will be significantly challenged. Enabled by an expanded attack surface and a significant increase in automation across the spectrum of cyber threats, the cyber arms race will accelerate in 2023, it forecasts. States are looking to exert more control over what some have already defined as their national cyberspace. Network and system resilience will be tested like never before in 2023.
Control Risks CEO, Nick Allan said: “In the fragmenting world order, the weapons of choice for many states will be found in the cyber sphere. This will either be through the spread of disinformation, aided by improving deepfake technology, or through cyber attacks, or both. As a firm that works in both the geopolitical and cyber arenas, Control Risks can see very clearly the direct correlation between geopolitical tensions and cyber aggression. An element of uncertainty and fear provides a level of state-versus-state deterrence, but corporates find themselves as easier targets for proxy and real wars. This is made worse by the transfer of military-grade cyber capabilities to criminal or radicalised groups.
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