The Human Costs of Cyber Insecurity | Global Cybersecurity Forum

During a session titled ‘Cyber Costs Reframed: The Human Costs of Cyber Insecurity,’ cybersecurity experts highlighted the increasingly complex challenges cybercrime poses. The discourse explored concerns spanning from the rising expenses associated with combating cyber threats to utilising AI in intricate attacks. The discussions offered invaluable insights into the vulnerabilities of crucial sectors, the need for global cooperation, the significance of cybersecurity education, and the intricate dilemmas surrounding ransomware and the ethical use of AI.

Escalating costs of cybercrime

The discussions led by Ryan Chilcote highlighted the growing concerns regarding the rising costs associated with combating cybercrime globally, especially in Estonia. The significant budgetary strain faced by governments in addressing the evolving nature of cyber threats was brought to the forefront. Additionally, the use of AI by attackers in creating sophisticated, zero-day attacks was a focal point, emphasising the challenges posed by rapidly advancing technology.

Vulnerabilities of critical infrastructure

Mohammad Abdulaziz Boarki’s insights underscored the vulnerability of sectors such as healthcare, emerging technologies, and oil to high-asset cyber attacks. The necessity of global collaboration and awareness training to protect countries from cyber threats was emphasised, along with the vital role of budget allocation and investments in cybersecurity.

Personal device vulnerabilities

Dan Cîmpean highlighted the susceptibility of personal devices, especially phones, tablets, and laptops, to cyber attacks due to the increasing digital transformation and the installation of various applications. The imperative of protecting personal devices, particularly in the healthcare sector, and the need for increased education on cybersecurity, especially among young people, were noted by Cîmpean.

Impact of cyber attacks on individuals

Dr Ahmed Abdel Hafez’s contributions illuminated the direct and indirect impacts of cyber attacks on individuals and digital services, emphasising the psychological implications of digital dependency. The importance of awareness, strict regulations, and the implementation of a Child Online Protection strategy to safeguard vulnerable individuals was stressed, along with the significance of responsible data management and international collaboration in combating cybercrime.

The Digital Watch Observatory will provide just-in-time reporting from the GCF, leveraging our AI-driven App. Visit our dedicated page for all the latest insights and reports. We look forward to engaging with you throughout GCF 2023 as we collectively chart the shared priorities in cyberspace.