Cybersecurity and space pose new threats to economy, says report
| London
Cybersecurity and space are emerging risks to the global economy, adding to existing challenges posed by听climate change听and the听coronavirus pandemic, the World Economic Forum said in a report Tuesday.
罢丑别听听is usually released ahead of the annual elite winter gathering of CEOs and world leaders in the Swiss ski resort of Davos, but the听event has been postponed听for a second year in a row because of COVID-19. The World Economic Forum still plans some virtual sessions next week.
Here鈥檚 a rundown of the report, which is based on a survey of about 1,000 experts and leaders:
World outlook听
As 2022 begins, the pandemic and its economic and societal impact still pose a 鈥渃ritical threat鈥� to the world, the report said. Big differences between听rich and poor nations鈥� access to vaccines听mean their economies are recovering at uneven rates, which could widen social divisions and heighten geopolitical tensions.
By 2024, the global economy is forecast to be 2.3% smaller than it would have been without the pandemic. But that masks the different rates of growth between developing nations, whose economies are forecast to be 5.5% smaller than before the pandemic, and rich countries, which are expected to expand 0.9%.
Digital dangers
The pandemic forced a huge shift听鈥� requiring many people to work or attend class from home and giving rise to an exploding number of online platforms and devices to aid a transformation that has dramatically increased security risks, the report said.
鈥淲e鈥檙e at the point now where cyberthreats are growing faster than our ability to effectively prevent and manage them,鈥� said Carolina Klint, a risk management leader at Marsh, whose parent company Marsh McLennan co-authored the report with Zurich Insurance Group and SK Group.
Cyberattacks are becoming more aggressive听and widespread, as criminals use tougher tactics to go after more vulnerable targets, the report said. Malware and听ransomware attacks have boomed, while the rise of cryptocurrencies makes it easy for online criminals to hide payments they have collected.
While those responding to the survey cited cybersecurity threats as a short- and medium-term risk, Ms. Klint said the report鈥檚 authors were concerned that the issue wasn鈥檛 ranked higher, suggesting it鈥檚 a 鈥渂lind spot鈥� for companies and governments.
Space race听
Space is the final frontier听鈥� for risk.
Falling costs for launch technology has led to a new space race between companies and governments. Last year,听Amazon founder Jeff Bezos鈥� space tourism听venture Blue Origin and听Virgin Galactic鈥檚 Richard Branson听took off, while听Elon Musk鈥檚 Space X听business made big gains in launching astronauts and satellites.
Meanwhile, a host of countries are beefing up their space programs as they chase geopolitical and military power or scientific and commercial gains, the report said.
But all these programs raise the risk of frictions in orbit.
鈥淚ncreased exploitation of these orbits carries the risk of congestion, an increase in debris and the possibility of collisions in a realm with few governance structures to mitigate new threats,鈥� the report said.
Space exploitation is one of the areas that respondents thought had among the least amount of international collaboration to deal with the challenges.
Experts and leaders responding to the survey 鈥渄on鈥檛 believe that much is being done in the best possible way moving forward,鈥� World Economic Forum鈥檚 managing director, Saadia Zahidi, said at a virtual press briefing from Geneva.
Other areas include artificial intelligence, cyberattacks, and migration and refugees, she said.
Climate crisis
The environment remains the biggest long-term worry.
The planet鈥檚 health over the next decade is the dominant concern, according to survey respondents, who cited failure to act on climate change, extreme weather, and loss of biodiversity as the top three risks.
The report noted that different countries are taking different approaches, with some moving faster to adopt a zero-carbon model than others. Both approaches come with downsides. While moving slowly could radicalize more people who think the government isn鈥檛 acting urgently, a faster shift away from carbon-intense industries could spark economic turmoil and throw millions out of work.
鈥淎dopting hasty environmental policies could also have unintended consequences for nature,鈥� the report added. 鈥淭here are still many unknown risks from deploying untested biotechnical and geoengineering technologies.鈥�
This story was reported by The Associated Press.
