Risk Nexus: Global cyber governance: preparing for new business risks

Cyberspace has rapidly become essential to the daily life of individuals, governments and businesses. Yet with this exponential increase in activity comes the ease of use and access to data for malicious purposes. Cyber attacks are increasing in number, sophistication, scope and impact. In this context, cyber security is arguably the most salient non-traditional security issue on the global agenda.

Emerging technologies such as the Internet of Things will increase the complexity of networks. Other disruptive technologies, such as unmanned aerial vehicles, additive manufacturing (such as 3-D printing), new home appliances or autonomous vehicles may also shake up established business practices and create new security threats. Cyber risks will become increasingly interconnected with other global risks. Much of this evolution is already apparent.

Companies in almost all sectors are exposed to cyber threats, with the potential for causing enormous damage in terms of reputation and physical losses, liabilities, and regulatory costs. Unchecked, growing cyber threats risk curtailing technical and economic development on a global scale.

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