Supply chain interdependence is biggest barrier to achieve cyber resilience: WEF Report

The report highlights the increasing complexity in the cyber landscape, has significant implications for organizations and nations.

Increasing interdependence on supply chain are creating vulnerabilities within the system. About 54 per cent of large organizations identify supply chain interdependencies as greatest barrier for achieving cyber resilience.

The prevailing geopolitical turmoil has affected the perception of risks, with one in three CEOs citing cyber espionage and loss of sensitive information/intellectual property theft as their top concern while 45 per cent of cyber leaders are concerned about disruption of operations and business processes.

It adds that the growing complexities are deepening the divide between developed and emerging economies, expanding sectoral disparities, and widening the gap between large and small organizations.

"Cyberspace is more complex and challenging than ever due to rapid technological advancements, growing cybercriminal sophistication and deeply interconnected supply chains. The Global Cybersecurity Outlook equips leaders with essential insights to navigate these challenges and strengthen cyber resilience," said Jeremy Jurgens, Managing Director, World Economic Forum.

Jurgens adds that "Collaboration between public and private sector stakeholders is paramount to secure the benefits of digitalization for all."

The report identifies key factors driving the complexity and unpredictability in the cyber landscape.

The report also cites a case study for building skillsets for cybersecurity incident response in Indian cooperative banks.

It says, the Indian cooperative banking system plays a vital role by offering a community-focused inclusive approach to banking, particularly in rural and agricultural communities.

The Indian cooperative banks uses the upstream services from commercial banks for their customers. They are cost-effective for low volume of transactions and is less time-consuming and easy to implement. This also drives the financial inclusion, promote economic stability and support the grassroots-level growth.

However, due to the growing sophistication of cyberthreats, the resource-starved cooperative banks are facing significant cybersecurity challenges. Lack of trained staff and reduced confidence in carrying out incident response makes them vulnerable to cyberattacks.

Towards this India's Computer Emergency Response Team (CERT) has introduced a structured programme, with 40 identified cooperative banks. Over eight months they organised cyber drills for bank officers to build incident-management capabilities.

These cyber drills were mapped to the four pillars of resilience: anticipate, withstand, recover and evolve. The results show significant resiliency improvement pre and post programme. (ANI)