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Showing posts with label World Economic Forum. Show all posts
World Economic Forum
Cyber Crime Cybercrime Atlas Digital threats Ransomware Security Firms World Economic Forum

International Initiative Targets Cybercrime

 


The Cybercrime Atlas initiative has shifted into its operational phase in 2024, marking a significant milestone in global cybersecurity efforts. Originating from discussions at the RSA Conference two years prior, the initiative aims to dismantle cybercriminal networks by mapping out their relationships, infrastructure, and supply chains.

Founded with the support of key players like Banco Santander, Fortinet, Microsoft, and Paypal, the initiative has since expanded to include over 20 law enforcement agencies, private-sector security firms, financial institutions, NGOs, and academic institutions. Together, they analyse intelligence packages and profile threat actors to disrupt cybercriminal operations effectively.

Derek Manky, Chief Security Strategist at Fortinet's FortiGuard Labs, emphasises the initiative's focus on intelligence gathering and the identification of choke points and disruption opportunities. The ultimate goal is to dismantle criminal infrastructure, make arrests, and reduce the profitability of cybercrime, sending a clear message to criminals.

Sean Doyle, the lead of the Cybercrime Atlas initiative, highlights its twofold purpose: creating actionable insights and using them collaboratively to impede cybercriminal activities. Despite recent high-profile cyber attacks, such as the ransomware attack on Change Healthcare and the British Library, the initiative strives to make life more challenging for cybercriminals.

The initiative's significance is underscored by the World Economic Forum's involvement and its recognition of cybersecurity as a critical global risk. With "cyber insecurity" ranked as the fourth top short-term global risk in the WEF's Global Risks Report 2024, the initiative represents a proactive approach to address digital threats.

Moreover, the WEF has actively engaged in addressing the cyber skills gap and promoting cybersecurity resilience among organisations. At its annual meeting in Davos, discussions on ransomware disruption garnered interest from CEOs and board members, reflecting a growing awareness of cybersecurity issues beyond traditional IT circles.

Tal Goldstein, Head of Strategy at the WEF Centre for Cybersecurity, emphasises the collaborative nature of tackling cyber threats, highlighting the need for concerted efforts from companies, governments, and international organisations. Recognising the complexity of cybersecurity challenges, the initiative signals a collective response to safeguarding digital ecosystems.

All in all, the Cybercrime Atlas initiative represents a pivotal step towards combating cybercrime on a global scale. With a focus on collaboration, intelligence gathering, and disruption tactics, it aims to mitigate the growing threat posed by cybercriminals, making cyberspace safer for individuals, businesses, and organisations worldwide.


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World Economic Forum
AI Botnets Cyber Crime Cyberattacks Cybercrime Trends Data Storage DLTs Hackers WEF WEF Annual Meeting 2023 World Economic Forum

A Catastrophic Mutating Event Will Strike the World in 2 Years, Claims WEF


The World Economic Forum (WEF) in Devos, Switzerland has come up with its set of uplifting predictions for 2023. The latest report warns of a global catastrophic cyber event in the near future. 

The WEF Annual Meeting includes government leaders, businesses, and civil society addressing the state of the world, while also discussing the priorities of the year ahead. 

“The most striking finding that we’ve found is that 93 percent of cyber leaders, and 86 percent of cyber business leaders, believe that the geopolitical instability makes a catastrophic cyber event likely in the next two years. This far exceeds anything that we’ve seen in previous surveys,” says WEF managing director Jeremy Jurgens during a presentation, highlighting the WEF Global Security Outlook Report 2023. 

Adding to the unpredictability of the turn of events, Jurgens cited a recent cyberattack that was intended to disable Ukrainian military capabilities but inadvertently also shut down a portion of the production of energy across Europe. 

In regards to this, Jürgen Stock, Secretary-General of Interpol, says that “This is a global threat[…]It calls for a global response and enhanced and coordinated action.” 

According to him, the increased profit that various bad actors acquire from cybercrime should encourage world leaders into working in a collaborative manner, making it a top priority as they face "new sophisticated tools." 

Albania Set to Combat Cybercrime 

Albania, which recently experienced a significant cyberattack is now collaborating with larger allies to thwart the criminals, acting as a sort of laboratory for people to understand what is to come. 

During the presentation, Edi Rama, the Prime Minister of Albania, illustrated on the industry's growth— from $3 trillion in 2015 to an anticipated $10.5 trillion in 2025. This, according to Rama means that if cybercrime were a state, it would have the third-largest global economy after the U.S. and China. 

Expected Cybercrime Trends in the Next Two Years 

Cyber threats are evolving at a faster rate, with cybercrime underground turning into an organized cybercrime ecosystem. In order to effectively combat these threats, it has become essential to stay up-to-date on the trends in cybercrime, which will eventually reflect its future status in the cyber world. 

Here, we are listing some of the trends that are likely to be prevalent in cybercrime tactics in the coming years: 

  • Artificial Intelligence/ Machine Learning 

AI and machine learning have the ability to boost attack automation, speed, frequency, and efficiency while also enabling the possibility of targeted attacks that are specifically aimed at particular groups. They might also speed up cyber detection, protection, and recovery systems from a cybersecurity perspective. 

  • Computing and Data Storage Technology 

The innovation and immense usage of computing and data storage technologies in all sectors and services will eventually give threat actors more chances to exploit, gain unauthorized access to and disseminate illicit data. 

  • Blockchain and Distributed Ledger Technologies (DLTs) 

Digitalized transactions could be manipulated for nefarious purposes, such as blocking them from being processed, since they are digitalized and processed by DLTs. DLTs may also be used to store inappropriate or disruptive content that is difficult to get rid of. 

  • Botnets and Automated Malware Deployment Tools 

The rapid expansion of the Internet of Things (IoT), which is connecting more and more devices to the internet, is also giving a massive opportunity for threat actors to conduct malicious activities. The increasing inclination towards bots and automated malware deployment tools have as well contributed as an aid to the attackers. These inexpensive and easy-to-use tools lower the skill level barrier for hackers to launch attacks. 

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