Cyber attacks, unemployment are biggest threats to businesses
dubai — Cyber attacks and unemployment are among the key issues that global businesses face today, experts said at the annual meeting of the Global Future Councils on Monday.
Discussing the results of the latest World Economic Forum’s Regional Risks for Doing Business report, officials and experts said that businesses were facing a growing number of global and regional obstacles.
Cybersecurity emerged on the top of the agenda for many businesses across the world, which is not surprising given the accelerated rate of digitisation that is taking place across various sectors. Over 12,000 executives in the report highlighted concerns ranging from economic to political, societal and technological. Unemployment, failure of national governance and energy price shocks were among the top worries of executives across various regions.
Borge Brende, president; and member of the managing board at the World Economic Forum, said one of the things that have come up as a major risk factor are the risk of cyber attacks.
“There are many regions across the world where cyber attacks are considered to be the number one risk to doing business. Another factor that is of concern is unemployment. The report also showed many participants are concerned about slower economic growth, and low interest rates. Global debt situation is also a cause for concern. However, banks are in a better funding situation.”
Julie Bishop, member of Parliament, Liberal Party of Australia, said that in an increasingly interconnected world, cyber attacks have become a key issue for businesses. “Malware and ransomware attacks will need to be tackled with growing collaboration between different players at various levels. Data theft is a growing concern.”
Miroslav Lajcak, Minister of Foreign and European Affairs at the Ministry of Foreign Affairs of the Slovak Republic, noted that no one is immune to challenges. “The top challenges in Europe are cyber attacks, the asset bubble, failure of financial institutions, and unemployment. In addition to this, businesses in Europe also have concerns related to market conditions. There is a need right now to further strengthen the Eurozone.”
Hussain Sajwani, chairman of Damac Properties, explained that there are two types of challenges that businesses face: global and regional, and that each has a different impact.
“You have global issues such as finance, and then there are regional challenges such as oil prices. Certain countries such as the UAE have very diversified economies so the effect of the oil prices is not that much of a challenge. There are other challenges as well, such as instability in the region. One thing that concerns me going forward is American foreign policy.”
Speaking about the real estate sector, he said: “Property markets are cyclical everywhere in the world. There was a slowdown in 2016, and this year and the next are both going to be difficult. But, I genuinely believe that by 2020 and 2021, Dubai will still be a hidden jewel when it comes to the real estate market.”
In another session, scientists and experts called for developing new ideas, knowledge and approaches to bridge the gap between policy makers and technology pioneers.
They also called for promoting research and development, using technology to redesign and automate government processes, and focusing on customers to provide high-quality services that meet the needs of future governments.
The council also recommended governments to take balanced measures in their response to the 4IR and the opportunities it offers, while forecasting the future of new networks, dubai — Greater research is needed in fields such as sustainability and technology, and policy makers need to decide on how best to provide a safer environment for researchers, experts at the Annual Meeting of the Global Future Councils said.
“We need to look at more open borders so that scientists can travel for their research, and we also need an environment where data can be shared to make the best use of its potential. A priority will be on collaborative efforts that encourages research in different fields, as well as the conservation of the environment,” said Mande Holford, associate professor of Chemical Biology, Hunter College, City University of New York.
“One of the most concerning things right now is the rate at which we are consuming energy without giving much thought to sustainability,” added Suchitra Sebastian, associate professor, Department of Physics, Cavendish Laboratory, University of Cambridge.
“There has been a push towards more alternative forms of energy, such as solar and wind energy, but the challenge is to bring this energy towards urban centres.”
I genuinely believe that by 2020 and 2021, Dubai will still be a hidden jewel when it comes to the real estate market
Hussain Sajwani, Chairman, Damac Properties