World Economic Forum 2018. Photo: World Economic Forum / Benedikt von Loebell

The World Economic Forum (WEF) is taking the next step after listing cybersecurity as one of its top global risks for 2018 with the launch of a new Global Centre for Cybersecurity in the spring. The new center, announced Wednesday at the WEF’s annual forum in Davos, Switzerland, will be based in Geneva and function as a global think tank for governments, businesses and law enforcement agencies to collaborate on cyber security solutions.

“If we want to prevent a digital dark age, we need to work harder to make sure the benefits and potential of the Fourth Industrial Revolution are secure and safe for society. The new Global Centre for Cybersecurity is designed as the first platform to tackle today’s cyber-risks in a truly global manner,” Alois Zwinggi, WEF managing director, said in a statement.

Global cyber-crime costs are expected to exceed $500 billion annually and the surface vector for potential attacks will accelerate as the number of Internet of Things devices balloons from 8.4 billion last year to 20.4 billion by 2020, according to WEF officials in their latest report.

Officials said the new center will build on WEF’s private-public partnership approach to deliberate on approaches to future cyber concerns.

Read the full article in Via Satellite’s sister publication Defense Daily >>