The panel at the Cyber Future Foundation in Davos dealt with the social and economic effects of cybercrime and how it can be dealt with in a sustainable manner.
The financial damage caused by cybercrime is enormous. The global economy expects losses in the trillions in the next few years.
Small companies in particular are sensitive to cybercriminals. Their IT-systems are not hardened and they can cope with the failure of their systems much less than larger companies: after three days without IT, SMEs face their first liquidity bottleneck.
This danger needs to be proactively dealt with. This includes awareness at all levels, but that alone is not enough. Cybersecurity must be considered from the start in software and hardware development. IT companies must be held accountable for security gaps and bugs.
Many thanks to Valmiki Mukherjee and the Team of Cyber Future Foundation together with co-panelists Norma Krayem, Pavan Duggal, Richard Rushing and Denise Anderson!