Bad for business: Cyber-attacks are a concern for managers around the world

The new World Economic Forum report highlights cyber attacks as the first in some regions.

Cybersecurity is rapidly becoming a growing concern for businesses around the world, with more and more companies waking up to the growing threat of cybercrime.

The report, released today by the World Economic Forum, found that cyber attacks are the fifth biggest risk highlighted by senior executives, from the eighth place in 2017.

While this remains less of a problem than issues such as unemployment and macroeconomic concerns, this increase is underlined by the growing awareness that poor security is bad for business.

The survey asked 12,548 executives from 140 different countries to choose the five best global risks that their company could face in the next 10 years.

Cyber-attacks were the primary threats to respondents working in Europe, North America, East Asia and the Pacific, while those in South Asia also pointed out this issue.

This year's numbers signify a change in 2017, when cyber security emerged to the top of North America and East Asia and the Pacific. Two years ago, North American entrepreneurs were only able to avoid a cyber attack.

"Cyber-attacks are considered the number one risk for businesses in markets that account for 50% of global GDP," said Lori Bailey, Global Cyber ​​Risk Director at the Zurich Insurance Group.

"This strongly suggests that governments and businesses need to strengthen their computer security and resilience in order to maintain confidence in the digital economy."

It is not clear what exactly caused this shift in consciousness, however, in these areas it can contribute to a number of major attacks.

Only last week was a data breach that revealed the details of 4 500 Canadian citizens a few days after the government introduced a new law to protect citizens' data.

In East Asia and the Pacific, targeted hack at SingHealth, the largest healthcare company in Singapore, in July, pointed out the possibility of a nation-sponsored attack.

And in Europe, a number of ongoing data breaches continue to jeopardize the personal information of thousands of Europeans.

Regional business risks are reported by executives from eight regions: Latin America and the Caribbean, North America, Europe, the Middle East and North Africa, Sub-Saharan Africa, Eurasia, East Asia and the Pacific and South Asia.

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