المملكة: "Cyber economics" Discusses the impact of the lack of cybersecurity on the economy of countries
Organized by the Center for Cyber Economics, which was established in partnership with the International Cybersecurity Forum Foundation The World Economic Forum (WEF) was an international meeting during which it discussed the strategic shift in the global outlook for the cybersecurity sector, highlighting the role of cybersecurity in creating development and prosperity for countries.
This came within the activities of the International Cyber Week in Singapore, in the presence of His Excellency the Governor of the National Cybersecurity Authority, Chairman of the Executive Committee of the Center for Cyber Economics, Eng. Majid bin Mohammed Al-Mazyad, Ambassadors, diplomats, a number of senior officials of governments and international organizations, representatives of private and academic sector companies, non-profit organizations, and experts Cybereconomics In cooperation with the World Economic Forum (WEF), based in Riyadh; It comes as an extension of the Kingdom’s efforts to make cybersecurity an essential pillar in achieving sustainable growth and prosperity around the world. It also reflects, at the same time, the strategic gains achieved by the International Cybersecurity Forum Foundation in consolidating its position as a leading international platform in addressing vital issues related to the various dimensions of cyberspace.
In her opening speech to the meeting, the Director General revealed For the Center for Cyber Economics, Eng. Alaa bint Muhammad Al-Fadil, the Center for Cyber Economics is working on developing cyber economic indicators and building economic models that provide the necessary analyzes to enable decision makers in countries and organizations to make decisions based on solid analyzes and accurate indicators that ensure maximizing the return from cyber security on the economy at its micro and macro levels.
Strategic axes for harnessing security Cyber
Al-Fadhel added that the Center for Cyber Economics has come a long way in the establishment phase since its launch at the beginning of this year in Davos. Its organizational structure and strategic priorities have been finalized, and its executive committee has been formed, which includes international representatives and experts from the governmental and private sectors, international organizations, and academic circles. Adding that the Center’s Executive Committee had approved, in its last meeting held at the International Cybersecurity Forum 2025 last October, five strategic axes designed in a comprehensive manner to represent the focus areas of the Centre’s activities in exploring mechanisms for harnessing cybersecurity as a support for global growth and competitiveness.
The first axis deals with measuring the economic impact of cybersecurity through developing economic models that show the size of the share of cybersecurity. In the global economy.
While the second axis focuses on analyzing and measuring the financial and reputational repercussions resulting from cyber incidents, including cyber targeting of supply chains and cybercrimes.
The third axis deals with developing competencies and the workforce in line with labor market requirements and contributes to bridging the global gap in cyber skills.
The fourth axis is based on building indicators. Cyber resilience at the sector and industry level enables the provision of practical measurement tools for decision makers, and fifthly, the axis of strengthening risk management mechanisms with economic models based on analyses.
The economic impact of enhancing cyber resilience
After that, a dialogue session was held entitled "Sustainable Prosperity: The Economic Cost of Lack of Cybersecurity"It was moderated by a member of the Executive Committee of the Center for Cyber Economics, Mr. John Defterios, with the participation of a group of experts from senior officials from the Swiss Cyber Security Center, the International Criminal Police Organization (Interpol), and MasterCard. The session addressed the growing importance of understanding the economic impact resulting from strengthening cyber resilience, especially in light of the challenge facing decision makers in measuring the economic cost. Due to the absence of cybersecurity, which can lead to gaps and weaknesses in strategic decision-making at the level of governments and organizations.
Speakers during the session stressed the importance of not limiting the concept of cybersecurity to merely avoiding losses, but moving to a more comprehensive concept that ensures its use as a basis for creating development and economic prosperity through measurable tools at the business and sector levels; Pointing out that the Center for Cybersecurity represents a serious step towards advancing cybersecurity from being a defensive challenge to a source of prosperity and development.
The International Cybersecurity Forum Foundation and the World Economic Forum (WEF) announced earlier this year in Davos the launch of the (Cybereconomics Centre), based in Riyadh, to be a global think tank that addresses the dimensions Economics for cybersecurity, and provides reliable information and in-depth studies that enable decision makers from around the world to build a deep understanding of the close relationship between economies and cybersecurity. These studies also provide solid tools for formulating policies and strategies to ensure the protection of the global economy, and at the same time contribute to strengthening cybersecurity around the world.
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