The frequency and scope of cyberattacks are growing rapidly, with breaches becoming a significant threat to a business’s reputation and sustainability. No industry or business size is immune to a cyberattack, and small and midsize businesses typically face more acute risks.
Companies have been employing digital technology for years, but they are only now committing themselves to pursuing durable digital transformations. The shift signals a changed outlook from recent years, when digitization efforts tended to be more tactical than strategic.
At the heart of risk management is a gloomy truth: You can never achieve zero risk. In a world of limited resources there are always tradeoffs to be made: how much to invest here and how much there, how much risk to tolerate and how much to mitigate or insure against.
Marsh & McLennan Companies and World Economic Forum
Friday, February 16, 2018
The 13th edition of the World Economic Forum's Global Risks Report, undertaken with Marsh & McLennan Companies, examines the evolving macro-level risk landscape and highlights the systematic threats that may disrupt expectations.
Three major cyber events in 2017 set new precedents for the scope and impact of damage wrought by cyber-attack in terms of geographic and industry reach, operational disruption, and economic losses, as well as the destruction of market capital and reputation.
Industry 4.0—synonymous with smart technologies—is driving efficiencies and increasing productivity. Data, and the physical-digital integration of humans, processes, systems, and machines, are key components of this transformation.