Industry, government and law enforcement agencies are in race to keep up with the vast cybercrime ecosystem, experts say, as cybercriminals and malicious actors increasingly exploit the digital economy. “The global law enforcement community is struggling with the sheer volume of cyber-related crimes,” Jürgen Stock, the Secretary-General of INTERPOL, said during the World Economic Forum’s 2024 Annual Meeting in Davos. “The crime statistics only go in one direction, which is up.”

     Cybercrime rose significantly during the COVID-19 pandemic. Currently, large and sophisticated cybercrimes continue to be deployed today. They are also becoming more expensive for the targeted companies and organizations. The average global cost of a data breach reached US$ 4.45 million last year, according to the latest research, the highest level ever recorded.

    In Davos, experts maintain that so-called security by design is key to bolstering cyber resilience. The concept of security by design entails building cybersecurity protocols into software and hardware products from the earliest development stage. This approach allows safeguards to be embedded at each state of operation and limits the chances of cybersecurity vulnerabilities emerging as products develop and are put into use. “It has become an imperative for the digital public infrastructure,” Debjani Ghosh, President of Indian technology non-profit NASSCOM, said of security by design.

     The international community needs to “start thinking about the processes we can put in place to make sure that we can support each other and defend each other’s public infrastructures,” Sadie Creese, a Professor of Cybersecurity at the University of Oxford, said in Davos.

Internet: <weforum.org> (adapted).

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