E very cybersecurity professional I know enjoys diving into the latest reports and industry trends—it’s all part of staying ahead of things that can threaten our businesses and careers. Those of us involved with risk management love to think about what can go wrong and then work to help our organizations build strategies to address risks to our competitive advantage. Sometimes, that means mitigating the risk, due to its likelihood or potential impact. In other cases, it means deploying resources to capitalize on risks by helping others mitigate them or even strategically taking on more risk ourselves. Whatever the reason, it’s important to know where cybersecurity is headed and what kind of attacks we need to watch for.

In a previous post, we highlighted risk (or more specifically— threat) taxonomies and how those compare to other types of business risks. As a follow-up, here’s a look at the 2018 global risk landscape. 

A Look at the 2018 Global Risk Landscape

 Earlier this year, the World Economic Forum published their 2018 Global Risks Report, which shares the perspectives of global experts and decision-makers on the most significant risks that face the world. The report does a great job of highlighting threats in a number of categories, including technology, and provides some interesting insights into how individuals and organizations view the likelihood and impact of various threats around the world.

Here are a few interesting insights from the report:

  1. Not surprisingly, cyber-attacks rank very high in terms of overall threats, but they are not the highest. The infographic below explains: 
  1. Cyber-attacks rank as the 8th highest global risk, and the perspective is widespread. When filtered just by respondents from the US, the concern over cyber and technology threats is even more pronounced, with these threats holding three of the top ten spots. 
  1. Cyber-related risks make up two of the top 5 global risks for the first time in history. The chart below highlights these rankings:  

You can explore the entire Global Risk Report here.

Stay Ahead of the Trends & Potential Threats with BALLAST

BALLAST is a tool designed to help you evaluate and enhance your company’s readiness to deal with threats of any type, including the latest cyber-attacks. In addition to supporting your efforts to meet regulatory and audit requirements imposed by standards like ISO, SOC, PCI, NIST, and others, BALLAST is intentionally-designed to help you improve your organization’s overall risk management program.

Connect with our team today to learn how companies are leveraging the power of BALLAST to make better decisions on risk, strengthen their cybersecurity programs, and stay ahead of the potential threats.

*Images and Infographics Courtesy of World Economic Forum’s “The Global Risks Landscape 2018” Report

Mark Fulford

Mark Fulford

Mark Fulford, CISSP, CISA, ABCP, CRISC, is a Shareholder in the risk services division of LBMC, PC. With nearly 25 years of experience in information security audit and compliance, Mark understands how to translate technical jargon into actionable intelligence. With significant experience in healthcare, his expertise includes assisting companies with Sarbanes-Oxley, HIPAA & PCI, HITRUST compliance, as well as providing assurance to clients and their stakeholders through SOC 1 and 2 reporting engagements. More recently, his focus has been on helping organizations identify and manage information security risks through both guided and automated risk assessment techniques.