Munich Security Report: Cyberattacks fear skyrockets to all-time high

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  • The perceived threat of cyberattacks has reached an all-time high, according to the Munich Security Report 2024.
  • Cyberattacks are considered the second biggest risk to G7 countries, after extreme weather events.
  • The report highlights the importance of technology as an arena for competition between systems.
  • The risk of cyberattacks has risen in recent years and is unlikely to decrease in the future.

The Munich Security Report 2024 has revealed that the perceived threat of cyberattacks has reached an all-time high. The report, published ahead of the Munich Security Conference, found that G7 countries rank cyberattacks as the second biggest risk to their countries after extreme weather events. Technology is considered a key arena for competition between systems, according to Tobias Bunde, Director of Research & Policy at the Munich Security Conference (MSC).

The Munich Security Index (MSI) shows that the perceived threat of cyberattacks has risen by five places since last year. Cyber risks consistently rank high along with climate risks, and the report suggests that they will continue to remain a priority for policy makers in the coming years.

In Germany, the perceived risk of cyberattacks remains high, despite a slight decrease in the cyberattack index. 74% of German respondents considered cyberattacks an imminent risk, the highest score among all threats. Jörn Müller-Quade, head of the research group “Cryptography and Security” at the Karlsruhe Institute of Technology, emphasized the need for clear guidelines and standards to improve cybersecurity in the industry.

The future outlook for cyberattacks remains uncertain, particularly with the emergence of new technologies such as artificial intelligence (AI). Attacks using AI are expected to increase significantly, but the exact effects are still unclear. It is important to note that disinformation attacks target people rather than machines, highlighting the need for comprehensive cybersecurity measures.

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