Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your experience. Save up to 40% More details

Cyber​​attacks Rose 151% in the World Due to the Increase in the Digital Economy

CryptocurrencyJan 19, 2022 10:01AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
Cyber​​attacks Rose 151% in the World Due to the Increase in the Digital Economy

  • A survey by the World Economic Forum (WEF) showed an increase in cyber attacks on companies, as well as the distribution of malicious software.
  • Experts say that adopting cybersecurity planes is not enough, but that building resilience to these attacks must be part of business strategies.
  • Precisely, among the most attacked companies are cryptocurrency exchanges and DeFi, due to the rapid adoption of cryptos around the world.

The growth of the digital economy at a global level and the effects left by the covid-19 pandemic in the last two years, produced a 151% increase in cyber attacks, according to a study carried out by the World Economic Forum (WEF).

The WEF report called The Global Cybersecurity Outlook 2022 detailed that in 2021 an average of 270 cyberattacks were registered for each organization, which meant a 31% increase compared to 2020.

The cost of these attacks to companies was $3.6 million, as they were forced to increase their spending on protection services. But for small and medium-sized companies this cost was higher, due to their financial vulnerability and lack of resources.

Approximately 80% of ransomware or malicious software attacks affected public security, according to the annual report “The Global Cybersecurity Outlook 2022”.

"The accelerated pace of digitization, fueled by Covid-19, turned out to be a new annual record for cybercrime", highlighted the WEF. For 80% of the cybersecurity leaders consulted, malicious software represents a danger and a threat to public safety. However, there is a wide gap between what business executives believe and what cybersecurity leaders think.

92% of business executives say they are prepared to face these attacks, but only 55% of cybersecurity experts think so. Such differences of opinion on such a high-priority matter can leave companies highly vulnerable to future cyberattacks, the study warns.

On the Flipside

  • Furthermore, after a cyberattack becomes public, “the hacked company’s average share price is estimated to underperform the NASDAQ by -3%, even six months after the event,” the report states.

Organizations can take up to 280 days on average to resolve a cyberattack, the report points out. That means that they will spend most of the year trying to find the flaw and adopting a proper protection shield to prevent further attacks.

“Companies must now embrace cyber resilience – not only defending against cyberattacks but also preparing for swift and timely incident response and recovery when an attack does occur,” said World Economic Forum Managing Director Jeremy Jurgens. For her part, Julie Sweet, president and CEO of Accenture (NYSE:ACN) who collaborated in conducting the survey, highlighted the importance of cybersecurity for “all organizations at all levels”.

She also commented that:

“Organizations need to work more closely with ecosystem partners and other third parties to make cybersecurity part of an organization’s ecosystem DNA, so they can be resilient and promote customer trust." And she added:

“This report underscores key challenges leaders face – collaborating with ecosystem partners and retaining and recruiting talent”. The annual Global Cybersecurity Outlook 2022 report was written using data collected from the survey of global cyber leaders. Also with information from the Cyber ​​​​Outlook Series sessions carried out by the WEF during 2021. As well as interviews with experts in the area and other data from the agency’s reports and investigations.

Why You Should Care

  • Cybercrime, including theft and scams through Ponzi schemes and ransomware attacks, skyrocketed in 2021.
  • Among the most affected industries are cryptocurrencies, with crypto exchanges and DeFi as the main victims.


Join to get the flipside of crypto

Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.

[contact-form-7] You can always unsubscribe with just 1 click.

Continue reading on DailyCoin

Cyber​​attacks Rose 151% in the World Due to the Increase in the Digital Economy

Related Articles

Crypto Businesses Take Over Davos This Year
Crypto Businesses Take Over Davos This Year By DailyCoin - May 23, 2022

Despite recent losses, industry representatives have flocked to the annual business meeting to promote their products and services. Davos has become a showcase for crypto...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
Sign up with Email