Today I was introduced to an absolutely fascinating document released by the World Economic Forum of Geneva Switzerland. The Global Risks 2012 report is the 7thannual release by the World Economic Forum where a group of more than 450 risk experts evaluate and assess potential risks to the world in the areas of economics, environment, geopolitics, society and technology. The report includes some excellent graphic representations of the different risks relative to “likelihood” and “impact” as well as some interesting ways of showing the interrelationships between the different risks.
Because of my background in critical infrastructure and cyber security I was drawn to the discussion about technological risks including cyber attacks, critical systems failure, etc. “Case 3: The Dark Side of Connectivity” includes four pages of succinct, very informative perspectives and thought leadership on the digital systems that connect critical infrastructures, people, systems, and processes.
One quote I found most interesting and subtly profound was “Today, there is a sense that we understand the benefits of the Internet more fully than we understand the risks.” The report even went on to note, “Companies are increasingly aware of cyber threats but are not necessarily sure how to address them.”
Cyber attacks were listed in the report as one of the top 5 most likely risks to be faced globally for the next 10 years. This was the first time the “cyber” perspective has ever made it to the top five listing for the WEF reports which is quite notable -- but again is probably due to the substantial interconnectivity of systems, processes and people digitally.
The final key idea raised by this section of the 2012 report is the idea that online security is an example of a public good; where costs are borne privately but benefits are shared. Essentially, everyone is buying anti-virus and security solutions for their own protection but there is a benefit to others by me protecting them from SPAM and viruses. An interesting economic perspective.
Overall, this is a very insightful read that at a minimum will make you think. It will make you think about the global risks we face, and regarding the digital security environments, it will make you realize that we don’t really know all the risks of our interconnected environments.
Do you Think Forward?
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