Cyber Inequity, AI Among Rising Risks In 2024: World Economic Forum Report

There is a sharp increase in cyber inequity globally, with 90% of executives warning that urgent action is needed to address it, according to a report by the World Economic Forum, prepared in collaboration with Accenture. Of the executives surveyed, more than eight of 10, or 81% felt more or as exposed to cybercrime than they did last year.

The Global Cybersecurity Outlook report highlighted widening cyber inequity and emerging technologies, such as artificial intelligence, as key rising risks for 2024 in the cybersecurity sector. It also flagged threats posed by AI-generated deepfakes to spread false information about candidates in an election or manipulate public perception, even as more than 45 countries are scheduled to hold elections over the next year.

Other key risks highlighted in the report included organised misinformation campaigns on social media, or other channels to influence public opinion, cast doubt on election integrity and sway election outcomes. AI algorithms can generate and spread disinformation, and AI-driven microtargeting of misinformation through personalised advertisements can manipulate opinions or suppress voter turnout, the report said.

“As the cyber realm evolves in response to emerging technologies and shifting geopolitical and economic trends, so do the challenges that threaten our digital world,” said Jeremy Jurgens, managing director, WEF. “We urgently need coordinated action by key public-private stakeholders, if we are to collectively address these complex, ever-evolving threats and build a secure digital future for all,” Jurgens said.

The report was based on surveys of industry experts and global executives about key cyber trends, carried out between June and November 2023.

Growing Cyber Inequity

The divide between cyber-resilient organisations and those that are struggling is a key risk for 2024. The number of organisations that maintain minimum viable cyber resilience is down 30% compared to last year. While large organisations have demonstrated notable gains in cyber resilience, small and medium-sized companies showed significant decline.

The growing inequity is being driven by macroeconomic trends, industry regulation and early adoption of paradigm-shifting technology by some organisations, the report said. Cyber skills and talent shortage continues to widen at an alarming rate, and only 15% of organisations are optimistic about cyber skills and education significantly improving in the next two years.

AI A Rising Risk

Fewer than one in 10 respondents believed that in the next two years, generative AI will give the advantage to defenders over attackers, and approximately half of those surveyed agreed that generative AI will have the most significant impact on cybersecurity in the next two years.

Generative AI's rise is stoking fears among executives about the worsening of challenges, with around half of executives saying that AI-driven advances in adversarial capabilities of cyber criminals (phishing, malware, deepfakes) present the most concerning impact of generative AI on cybersecurity.

Despite concerns, there is an increase in focus on cybersecurity, particularly at the executive and CEO levels. The incorporation of cyber resilience into organisational risk management is also becoming more common, as per the report.

“Cyber resilience is increasingly dependent on a C-suite team that closely collaborates and communicates security priorities across the business and the industry,” said Paolo Dal Cin, global lead, Accenture Security. “This approach provides a clear view of cyber risks and allows security to be embedded from the start in all strategic business priorities as well as across third parties, vendors and suppliers.”