Cyber-Fraud Now Tops Ransomware, Says World Economic Forum
▼ Summary
– Phishing and cyber fraud have surpassed ransomware as the top cybersecurity concern for business leaders, according to a 2026 WEF report.
– The report states that 77% of surveyed leaders reported an increase in cyber-enabled fraud, with phishing being the most common form at 62%.
– AI-powered cyber threats are accelerating rapidly, with 94% of leaders expecting AI to be the biggest force shaping cybersecurity in 2026.
– These frauds cause substantial financial losses and undermine trust, requiring coordinated action across governments and industries to build resilience.
– The WEF concludes that cyber risk is now a strategic, economic, and societal issue demanding decisive leadership and shared accountability.
A significant shift is occurring in the global threat landscape, with phishing and cyber-fraud now surpassing ransomware as the primary cybersecurity concern for business leaders worldwide. This finding comes from the World Economic Forum’s latest Global Cybersecurity Outlook, which identifies these deceptive tactics as a pervasive threat causing record financial losses and eroding trust in digital systems. The report, developed with Accenture and released ahead of the annual Davos meeting, reveals that a staggering 77% of surveyed executives have noted an overall increase in such incidents.
The data shows that phishing attacks are the most prevalent form of this fraud, affecting 62% of respondents’ networks. This broad category extends beyond deceptive emails to include voice phishing (vishing) and SMS-based scams (smishing). Other common schemes include invoice or payment fraud, often linked to business email compromise, which impacted 37% of those surveyed. Identity fraud-related attacks affected organizations known to 32% of leaders, while insider threats and romance scams also registered as significant concerns.
The financial implications are severe. Each successful attack, whether it tricks an employee into transferring funds or steals credentials to access sensitive data, can result in massive losses. Jeremy Jurgens, a managing director at the World Economic Forum, emphasized that cyber-enabled fraud has become a disruptive force that distorts markets and impacts lives directly. He argues that the challenge for leaders has evolved from merely understanding these threats to taking collective, proactive steps to build resilience.
Compounding the problem is the rapid evolution of technology itself. The report highlights artificial intelligence as a major accelerant of cybersecurity risks, with 87% of leaders reporting increased AI-related vulnerabilities last year. An overwhelming 94% anticipate that AI will be the dominant force shaping the cyber threat environment in the coming year, enabling more sophisticated and scalable attacks.
In response to these interconnected challenges, the Forum calls for unprecedented collaboration. The conclusion is clear: cyber risk is no longer just a technical IT issue but a strategic economic and societal one. Defending against it requires coordinated action across borders and industries, involving governments, businesses, and technology providers. Building a secure digital future hinges on decisive leadership and a shared commitment to raising security standards for everyone, ensuring resilience is not a privilege reserved only for organizations with the deepest pockets.
(Source: InfoSecurity Magazine)
