‘Catastrophic’ cyber event predicted to occur in the next two years – report

A survey carried out as part of the World Economic Forum’s Global Security Outlook Report 2023 found that most respondents believe a ‘catastrophic’ cyber event will likely happen in the next two years. The surveyed participants are cybersecurity experts. The report was launched during the 2023 meeting in Davos.

In addition, the report reveals that cybercrime will cost the world’s economy approximately USD10.5 trillion annually by 2025, equivalent to the GDP of the third largest country in the world. According to the report, the nature of cybercrime is becoming unpredictable as cyberattacks powered by AI make them mutating threats.