WEF report classifies breakdown of critical information infrastructure and networks and large scale cyber-attacks as global risks for 2016
In a report published earlier this year, the World Economic Forum includes breakdown of critical information infrastructure and networks and large scale cyber-attacks among the most concerning global risks for 2016. According to the report, ‘the failure to understand and address risks related to technology, primarily the systemic cascading effects of cyber risks or the breakdown of critical information infrastructure, could have far-reaching consequences for national economies, economic sectors and global enterprises’. It is recommended that governments, the private sector and the civil society find appropriate frameworks to address four high-level risks associated with the transformation towards a more digitized economy: cyber-related risks, the exchange of data between countries and stakeholders, changes to the work environment, and widening wealth, income and social inequalities. The failure/shortfall of other types of critical infrastructure (energy, transportation and communications, for example) is also mentioned as a global risk for this year.