WEF 2024: Cyber inequity is growing rapidly, says Akshay Joshi
CNBC-TV18 Managing Editor Shereen Bhan speaks with Akshay Joshi, Head-Industry, Cybersecurity, WEF, about what it takes to strengthen cyber resilience across industry ecosystems.
Cyber inequity is growing rapidly, with the number of organisations able to maintain minimum viable cyber resilience down by 30% over the past two years, said Akshay Joshi, Head of Industry and Partnerships, Centre for Cybersecurity, World Economic Forum (WEF).
"Cyber inequity is rather exacerbated; 90% of executives we surveyed (at our Annual Meeting on Cybersecurity) said this needs urgent attention," Joshi told CNBC-TV18 Managing Editor Shereen Bhan in an exclusive interaction at Davos.
Across the world, operational disruptions due to cyber attacks are the biggest concern, and firms need to bake it into their designs and can't afford to think of it as an afterthought, Joshi added.
A worrying trend, as per Joshi, is that investments in cyber security tend to be less than 5% of the IT budget in companies, and this needs to change as companies need to make far more investments in cyber security.
There is an absolute need for public-private partnerships to fight cyber threats, he added. This is where artificial intelligence (AI) can have a positive impact, with Joshi highlighting that a positive use case of generative AI is to identify deep fakes and misinformation, while also adding that AI can help in the development of software codes and better detection of threats.
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Joshi highlighted that misinformation and disinformation in India ranks high in the World Economic Forum's Global Risks Report. However, the country has an opportunity to make its cyber security policy consultative, with feedback from the industry.
Watch the accompanying video for the full report
(Edited by : Ajay Vaishnav)
First Published: Jan 14, 2024 10:31 PM IST
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