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Accelerating digitalization advancement demands reframing cybersecurity in order to build a safer internet for everyone.
FREMONT, CA: The TechCrunch Global Affairs Project looks at how the digital industry and global politics are becoming increasingly entwined. Throughout 2021, global news seemed to ricochet between the rapid spread of new COVID-19 iterations and cyber criminality — both becoming highly creative and disruptive as they mutate in a battle for survival; both intertwined as cybercriminals profit from COVID-19 lockdowns forcing rapid digitalization. A prominent cybersecurity executive recently stated in an interview that, aside from birth, death, and taxes, the only other certainty in our present existence is the exponential growth of digital threats.
However, misconceptions about cybersecurity, particularly that it is complex, expensive, onerous, and even pointless, have caused many emerging economies to overlook cybersecurity as they aspire to join the Fourth Industrial Revolution. States, on the other hand, may find themselves unable to fully utilize the potential of their digital economies if they do not have well-developed cybersecurity legislation. Reframing cybersecurity in the development of innovation ecosystems as a path to opportunity and competitive advantage may be the key to boosting individual governments' cyber resilience while also strengthening the global digital ecosystem for everyone.
Emerging digital economies are racing to be at the forefront of the Internet of Things (IoT) revolution, with 10 billion devices expected to join by 2025. Around 2.4 billion dollars will be invested in African businesses in 2020, and e-commerce revenues in Africa are expected to reach 75 billion dollars by 2025. It is the most entrepreneurial continent, with half of the 40 fastest-growing emerging and developing countries. As measures to close the digital divide by 2030 link the remaining 78 percent of the population to the internet, this tendency will only accelerate. However, as internet access grows, so does worldwide cybercrime. Cybercrime is expect to cost the world $10.5 trillion by 2025, according to Cybersecurity Ventures.