As the world adopts digitization in every sphere of life, is cybersecurity the biggest risk frontier facing world economies? Leon Perera, Chief Executive Officer of Spire Research and Consulting, shared his insights in Business Times – Singapore.

World economies are ready to adopt technological advancements but the downside is a possible cyberattack on IT systems across any country. These could cripple governmental, financial, healthcare and other systems.

A cyberattack could come from state or non-state actors – terrorists, hostile foreign powers or criminal syndicates.

A determined and massive cyber-attack could paralyze B2B and B2C online transactions. In such a scenario, industries depending on online transactions for sales or supply chain activity could be severely hit.