Global Risks: World Economic Forum: Cost of cyber-attacks rises

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A report for the World Economic Forum says the global cost of cyber-attacks on governments and businesses worldwide has risen to around one trillion dollars. The Global Risks Report, published ahead of next week's Davos Summit, warns that the number of attacks threatens economic chaos. Richard Bestic reports from London.

2017 was a bad year for the environment, with extreme weather conditions around the world. It was the second hottest 12 months on record, with experts at the World Economic Forum predicting it could get even worse in the year ahead.

ALISON MARTIN ZURICH INSURANCE GROUP "Unfortunately, the risks to the world are not reducing, they're increasing and importantly they're going to require a collective response and the concerning thing is that we have a rise of nationalism and protectionism at a time when we most need multilateralism."

For the first time however, environmental worries have been eclipsed by the threat of large scale cyber attacks by criminals and governments. Fed by what the World Economic Forum says is a 93% risk of political and economic confrontation between major powers. Cyber-attacks of increasing numbers and sophistication have leapt to the top of the WEF's list of world dangers.

JOHN DRZIK, PRESIDENT MARSH GLOBAL RISK "Economic costs for cyber crime estimated to be over a trillion dollars a year now and growing. Which I think in comparison to say natural catastrophe, where this year a record year $300 billion dollars in economic cost. And so while it's not exactly apples-to-apples, it gives you a sense of the scale. Cyber risk is a very big risk."

Some 70 heads of government and 70 trade unionists and religious leaders – as well as a smattering of billionaires – will be in Davos in Switzerland next week puzzling on solutions to the latest global risks. Among their number for the first time –– US President Donald Trump, who will no doubt be a focus of attention for his views on world conflict and the environment.

RICHARD BESTIC LONDON The World Economic Forum's Global Risks Report is an attempt to set an agenda for the Davos Summit. And while in terms of geopolitical risks and environment, the world isn't getting any safer, the big talking point for world leaders this years looks like being Cyber Attacks. RB CGTN London.