How to create greater resilience and inclusion after Covid?

Digital inequality: Taking short cuts exposes Oman businesses to increased risk of cyber-attack, warns forum

For the last 15 years the World Economic Forum’s Global Risks Report, written in partnership with Marsh, the world’s leading insurance broker, has been warning the world about the dangers of pandemics. Covid-19 has not only claimed millions of lives, but it also risks widened long-standing health, economic and digital disparities.

Billions of caregivers, workers and students — especially minorities who were disadvantaged before the pandemic — could be at risk of missing pathways to the new and fairer societies that the recovery could unlock.

Globally the acceleration of the digital transformation as a result of the pandemic promises large benefits, such as, for example the creation of almost 100 million new jobs by 2025.

At the same time however, digitalisation may displace some 85 million jobs, and since 60 per cent of adults still lack basic digital skills the risk is the deepening of existing inequalities. It is also expected to expose businesses, and their customers, to significantly greater risk of cyber-attack.

Financial, digital and reputational pressures resulting from Covid-19 also threaten to leave behind many companies and their workforces in the markets of the future, creating potential disparities that could lead to societal fragmentation.

Commenting on the latest Global Risk’s key findings, Christos Adamantiadis, CEO Marsh Middle East and Africa, commented: “When it comes to access to technology and digital skills, my fear is that the gap between the “haves” and the “have nots” could widen. This has the potential to particularly affect young people, which is why it’s imperative that Omani businesses work towards ensuring that in accelerating their digital transformation programmes, they do not miss the opportunity for growth that comes with embracing sections of society who might not have access to the technology necessary to function in a digital first world.

Economic and societal fallout from Covid-19 will profoundly impact the way organisations interact with clients and colleagues long after any vaccine rollout. As businesses transform their workplaces, new vulnerabilities are emerging, and rapid digitalisation is exponentially increasing supply chain disruption and cyber exposures.

Cyber risk was identified by senior business leaders in Oman as one of their biggest concerns after Covid-19, with over 42 per cent viewing it as a major risk to doing business.”