The Global Cybersecurity Forum (GCF) and the World Economic Forum (WEF) have signed an agreement to establish a new Centre for Cyber Economics (CCE) in Riyadh, Saudi Arabia. The aim of the Centre is to increase global understanding of the economic challenges and opportunities emerging in the rapidly evolving cyber landscape. The agreement was formalized during the WEF Annual Meeting 2025 in Davos, with key signatories including Majed bin Mohammed Al-Mazyed, Governor of the National Cybersecurity Authority of Saudi Arabia, and Børge Brende, President and CEO of WEF. The signing ceremony was attended by Faisal bin Fadhil Alibrahim, Saudi Arabia’s Minister of Economy and Planning, and Professor Klaus Schwab, Founder and Chairman of WEF.
The CCE will focus on the economic aspects of cybersecurity, driving research, fostering cross-sector collaboration, and developing robust, evidence-based frameworks to enhance global cyber resilience, economic stability, and prosperity. Al-Mazyed emphasized the significance of the Centre, stating, “Cybersecurity is a catalyst for economic growth and social prosperity, playing an imperative role in shaping resilient economies. The Centre for Cyber Economics represents a decisive step in advancing knowledge and understanding of cybersecurity’s economic dimension, safeguarding economic growth, and unlocking new opportunities for cross-sector collaborations toward a resilient future for global economies.”
The establishment of the Centre comes at a time when cyber risk is increasing and global cyber resilience disparities are widening. The World Bank’s report, ‘Cybersecurity Economics for Emerging Markets,’ highlights that high-income countries spend over $30 per capita on cybersecurity, while developing countries spend only $1 per capita, creating a significant protection gap. Small and medium-sized enterprises (SMEs) and critical infrastructure sectors are particularly vulnerable, with cyberattacks on industries like healthcare and finance causing cascading economic effects. Furthermore, the global shortage of skilled cybersecurity professionals is a critical concern, with an estimated 2.8 million vacant positions, according to GCF’s 2024 Cybersecurity Workforce report.
Efforts to address the economic risks of cyber threats have been hindered by gaps in knowledge and insufficient tools. Many cyber incidents go unreported, and there is limited awareness about the benefits of investing in robust cybersecurity. Additionally, inefficiencies in the cyber insurance market leave many organizations, especially SMEs, without adequate coverage. The average cost of a data breach increased by 13.4% between 2022 and 2023 for companies with fewer than 500 employees.
The CCE aims to bridge these gaps by advancing knowledge on the economic dimension of cybersecurity and developing models to accurately assess the economic impact of cyber risks. By fostering collaboration and knowledge-sharing across industries, the Centre will empower organizations to collectively address cybersecurity challenges and enhance their resilience. Another key goal of the CCE is to foster diversity in cybersecurity by creating equitable access to opportunities and empowering underrepresented groups.
In addition, the CCE will support GCF’s overarching goal of expanding global economic opportunities in cyberspace and addressing the inequities in cyber resilience. The Centre is poised to bring together diverse stakeholders to generate actionable insights, ultimately working towards a more inclusive and secure cyberspace that enables prosperity for all.
