Cyber attacks named fourth biggest global threat | business | Hindustan Times
Today in New Delhi, India
Apr 25, 2017-Tuesday
New Delhi
  • Humidity
  • Wind

Cyber attacks named fourth biggest global threat

business Updated: Jan 13, 2012 17:44 IST

A new report has identified cyber attacks on governments and businesses as one of the top five risks in the world.

The World Economic Forum (WEF) report ranked cyber attacks fourth on the list of top five global risks in terms of likelihood.

It is the first time that technological concerns have figured in the Top 5 most likely risks since 2007.

“A healthy digital space is needed to ensure stability in the world economy and balance of power'' and calls for investment into the exploration of digital vulnerabilities,” the Daily Mail quoted a WEF dossier, as saying.

The report titled ‘Global Risks for 2012’ examined 50 global risks and interviewed over 450 experts in fields of economy, environment, geopolitics, society and technology.

It identified ''severe income disparity'' as the number one risk followed by ''chronic fiscal imbalances'' and concerns over rising greenhouse gas emissions.

''Water supply crises'' was identified as the fifth most potent threat to business.

Experts expressed concerns that cyber attacks might led to malfunctioning of power plants, water supplies and other critical systems, but added that its likelihood was still relatively low, as compared to the top three threats.

The report, which foresees business risk in the upcoming ten years, pointed out that it is difficult to ensure cyber security taking into account the speed of technological developments.

The UK has already taken an initiative to ensure cyber security, with the government unveiling its Cyber Security Strategy in 2011, wherein the government has allocated 650 million pounds for the purpose.