Cybersecurity Economics for Emerging Markets
In an interconnected world, cybersecurity is vital for economic growth, especially in developing nations facing increased cyber threats. This report analyzes the economic impacts of cyber incidents and offers policy recommendations for enhancing cybersecurity resilience.
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| Quick Facts | |
|---|---|
| Report location: | source PDF |
| Language: | English |
| Publisher: | World Bank Group |
| Authors: | Estefania Vergara Cobos; Hagai Mei Zahav; Selcen Cakin; Hualong Diao; Baran Berkay Barakcin |
| Geographic focus: | Global |
Methods
The research employed a comprehensive analysis of publicly disclosed cyber incidents, utilizing advanced artificial intelligence tools to gather data from millions of online articles in 98 languages. This approach resulted in the creation of a unique database that spans approximately 190 countries and 21 industries, allowing for a detailed examination of trends and characteristics of cyber incidents over the past decade.
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Key Insights
This report explores the critical role of cybersecurity in emerging markets, emphasizing its importance for economic growth and public service enhancement. It highlights the increasing risks of cyber incidents faced by developing countries, exacerbated by limited resources, inadequate infrastructure, political instability, and rapid digital adoption. The research analyzes over 30,000 publicly disclosed cyber incidents across 190 countries from the past decade, revealing trends and characteristics of these incidents. The findings indicate that cyber incidents can destabilize economies, disrupt essential services, and hinder social development. The report advocates for proactive roles from both private market players and governments to safeguard cyberspace infrastructure. It provides evidence-based policy recommendations aimed at strengthening national cybersecurity industries, enhancing cybersecurity awareness, and addressing market inefficiencies. The insights presented are intended to inform effective cybersecurity investments, particularly in developing nations, to mitigate the evolving landscape of cyber threats.
(Generated with the help of GPT-4)
Additional Viewpoints
Categories: 2024 publication year | English publication language | Global geographic scope | cybersecurity | economic impact | cyber incidents | policy recommendations | market failures | digital adoption | resilience strategies | data analysis | emerging markets | public services