The world should ensure that they are taking proactive and agile governance frameworks so that progress in technology should not just benefit a few, but all, according to the World Economic Forum (WEF) president Børge Brende.
The WEF said it has established its Global Network for the Fourth Industrial Revolution, which intends to partner with governments, leading companies, civil society representatives, and relevant experts from around the world to co-design and pilot innovative new approaches to policy and governance.
“And this we have to achieve without stifling the immense benefits that this progress promises to deliver,” Brende told delegates at the conference.
The risk of cybercrime would also come with this technological progress, which has potential to wreak havoc on economies.
$11.7mAverage cost of cyber crime per organisation
This is relevant due to the financial impact that cybercrime has had on businesses. in 2017 the average cost of cyber crime globally climbed to $11.7 million per organisation, a 23 per cent increase from $9.5 million reported in 2016, and represents a staggering 62 per cent increase in the last five years. In the WEF’s Regional Risks for Doing Business report, cyber-attacks are already the number one risk in three of eight regions covered.
“As such, it is clear that we need to do more to protect our digital infrastructure and bolster cybersecurity using a collaborative approach; if this not achieved, you can imagine how dire the consequences would be in a world of self-driving cars, smart electricity grids and drone deliveries,” Brende told delegates at the forum.
Overall, any global architecture in the age of the Fourth Industrial Revolution needed to be shaped by greater cooperation between nations, Miroslav Lajcak, Minister of Foreign and European Affairs of Slovakia, told participants.
“In my 30 years as a diplomat I see less and less dialogue. Even when leaders speak these days there are more monologues and less willingness to accept that they do not own the truth. What is needed is a platform where leaders can discuss openly and honestly where our planet is heading,” Lajcak said.
Brende said: “globalisation’s future is no longer about physical trade. It is about knowledge, information, and technology. Digital trade already accounts for 12% of international trade, and data flows are predicted to increase another fivefold by 2022. The result will inevitably be not less globalisation, but more, different globalisation.”
His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. reviewed the outcomes of the Future Transformation Maps, which is a dynamic knowledge tool covering more than 120 topics across different sectors and countries, shaping the modern world.
The maps, which are enhanced by advanced network analytics and artificial intelligence technologies, have been developed in collaboration with some of the world’s leading universities, think tanks and international organisations. The Forum has also developed its own proprietary advanced network analytics and artificial intelligence technologies to further enhance its knowledge-curation capabilities.