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Cybersecurity: An Emerging Global Priority

  • The US government has allocated $9.8 billion for cybersecurity-related activities for 2022, while the UK government will likely spend GBP22 billion on research and development to improve cybersecurity in 2022.

  • The three pillars of robust cybersecurity are a strong legal & regulatory framework, a central point of contact to respond to cyber-attacks, and the development of cybersecurity capacity.

  • The US, Australia, the UK, China, and Israel are the leading countries that reported numerous deals related to cybersecurity. In 2021, the cybersecurity deals in the US were valued at $80 billion.

Cybersecurity: An Emerging Global Priority

Published: April 2022
Source: GlobalData

Cybersecurity has become a top priority for countries worldwide, especially following the spread of the COVID-19 pandemic, which led to new ways of living and working with a huge reliance on digital infrastructure that remains vulnerable to the risk of cyberattacks. Several countries are spending heavily on their cybersecurity infrastructure and implementing different strategies to tackle cyber-attacks. The US has allocated $9.8 billion for cybersecurity-related activities for the year 2022, indicating a YoY increase of 14%. The UK government will likely spend GBP22 billion on research and development to improve cybersecurity in 2022.

On April 11, 2022, Singapore's Cyber Security Agency (CSA) announced the introduction of its licensing framework for cybersecurity service providers. The framework will help protect consumer interests by bridging the information gap between consumers and cybersecurity service providers.

Countries with a strong cybersecurity mechanism

The US, the UK, Saudi Arabia, South Korea, Singapore, Russia, Japan, and France are among the countries with robust digital ecosystems, according to International Telecommunication Union (ITU). These countries are focusing on the following pillars to develop a strong cybersecurity mechanism.

Legal and regulatory frameworks are required to safeguard the society and protect the digital environment. The framework will help identify unlawful cyber activities and prosecute cybercriminals in accordance with international obligations.

Effective technical structures such as computer incident response teams (CIRTs) are needed to respond to cyber-attacks at the national level using a central point of contact and promote swift and systematic action.

Countries should develop robust cybersecurity capacity to mitigate cyber risk in view of the rapid growth in the number of first-time internet users. According to World Economic Forum, around one million people will use the internet for the first time each day, which means that securing digital infrastructure through cybersecurity capacity-building initiatives is critical to address challenges such as the digital divide and cyber threats.

Leading countries with a robust cybersecurity mechanism report dynamic corporate deals

To protect consumer interest and reduce losses owing to an increase in cyber-attacks, corporates worldwide have entered into an increasing number of cybersecurity deals. These deals include mergers & acquisitions, venture financing, partnerships, etc. The US, Australia, the UK, China, and Israel are the leading countries that reported several deals related to cybersecurity. In 2021, the total value of cybersecurity deals in the US stood at $80 billion, which showed an increase of 90% over that in the previous year. Australia reported cybersecurity deals worth $29.4 billion, while the UK reported deals worth $21.4 billion in 2021.

Apart from enhancing their cybersecurity strength and addressing shortcomings, countries must support other countries with lesser capabilities in dealing with cybersecurity issues to ensure that the full benefits of digitalization reach everyone.

 



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