Economy
Navigating the New Frontiers of Economic Security: Exploring the Implications of Cyber Threats
The next frontier of economic security in today’s interconnected world, where technology drives economies and molds sectors, is the area of cyber risks.The risk of cyberattacks has grown significantly as a result of the swift digitization of corporations and governments, requiring the attention of leaders and politicians around the world.The purpose of this article is to examine the effects of cyber threats on economic security and to highlight the need of taking proactive steps to protect our digital infrastructure.
Cyber threats are a broad category of illegal actions taken by people, organizations, or even nation-states with the aim of compromising computer systems, networks, and data.These dangers can take many different forms, such as critical infrastructure interruption, intellectual property theft, data breaches, and ransomware assaults.Such attacks can be carried out for a variety of reasons, including monetary gain, geopolitical objectives, or even acts of activism.
The effects of cyber threats on the economy are wide-ranging and significant.First and foremost, cyber attacks on organizations result in huge financial damages.
Particularly for small and medium-sized businesses (SMEs) that might lack the capacity to recover quickly, the costs associated with data breaches, remediation operations, and reputational damage can be enormous.According to a study by the Ponemon Institute, the average cost of a data breach in 2020 was expected to be $3.86 million, underscoring the significant financial impact that cyberattacks can have on businesses.
Cyber risks can also reduce customer confidence and trust in online transactions, which will slow down the economy.Due to the growth of online services and e-commerce, people must feel secure when making purchases and disclosing sensitive information.Consumer trust often declines as a result of high-profile data breaches and cyberattacks, which reduces online activity and could cost firms money.
Investments in cybersecurity protection and effective incident response skills must be significant if trust is to be restored and these economic effects are to be minimized.
Cyber attacks also put intellectual property, trade secrets, and innovation at risk in addition to financial losses.Defense, technology, and other sectors that rely significantly on research and development are particularly vulnerable to intellectual property theft.The competitive advantage of a nation can be weakened, innovation can be stifled, and national security interests can be harmed by cyber espionage and unauthorized access to confidential information.For sustained economic growth and increased international competitiveness, it is essential to protect intellectual property and promote an environment that encourages innovation.
The potential consequences of cyber threats are further amplified by economies’ interdependence.Secure digital networks and systems are essential to international supply chains and cross-border commerce.
Critical infrastructure disruptions brought on by cyber attacks, such as those to ports, power grids, or financial systems, can have a domino effect that causes generalized economic disruptions and financial instability.
In order to effectively combat cyber threats, worldwide collaboration, and cooperation are required due to the interconnected nature of the digital world.
A comprehensive and multifaceted strategy is needed to address the problems brought on by cyber attacks.In order to develop a strong cybersecurity framework that covers prevention, detection, response, and recovery, governments, organizations, and individuals must collaborate.To increase resilience against cyberattacks, investments in cybersecurity infrastructure, such as sophisticated threat detection systems, encryption technologies, and employee training, are crucial.
Collaboration between the public and commercial sectors is essential for the development of efficient laws and regulations, the sharing of threat intelligence, and the exchange of best practices.Governments are crucial in establishing legal guidelines, providing financial incentives for investments in cybersecurity, and enforcing cybersecurity standards.Due to the fact that cyber dangers cross national boundaries, international cooperation is also essential to the fight against cybercrime.
Campaigns for education and awareness can also encourage a culture of cybersecurity by empowering people to adopt safer online behaviors.
Promoting a cyber-literate culture where people are aware of the dangers and adopt the appropriate safety measures can greatly minimize vulnerabilities and boost economic security.
In conclusion, the rise of cyber risks has opened up a whole new set of problems for economic security.Our digital economy is significantly in danger from the financial losses, loss of trust, and disruption of essential infrastructure brought on by cyberattacks.Proactive actions, teamwork, and investments in cybersecurity capabilities are needed to overcome these obstacles.
We can strengthen our digital infrastructure and guarantee a more secure and resilient economic future by implementing a comprehensive strategy that encompasses governments, companies, and individuals.
The upcoming BRICS summit in South Africa is becoming one of the key events in the global economy this year as reflected not only by the widening coverage in the mainstream media, but even more importantly the possibility of the participation of some of the Western leaders in the event.The declaration of the French President Emmanuel Macron regarding his willingness to participate in the BRICS summit is significant in several respects.Firstly, it highlights the rising importance of the BRICS summits and their success in cooperating with a widening circle of key economies in the Global South.Another aspect is that the BRICS greater openness as reflected in the BRICS+ format opens up the possibilities for broader platforms of dialogue that include not only developing, but also developed economies.In this regard, the expression of interest on the part of the French President could be taken as an opportunity to expand the inclusiveness of the BRICS outreach formats, with the possibility of launching a BRICS++ platform that would be designed to promote the development of North-South cooperation.
In many ways, the success of BRICS in the past year as reflected in the rising number of BRICS countries willing to join the block, is attributable to the BRICS+ format that was launched by China in 2017 and successfully expanded in 2022.The BRICS+ platform was originally designed to promote cooperation with the developing economies – in 2017 China’s Foreign Minister Wang Yi declared: “We will widen the circle of friends of the BRICS and turn it into the most influential platform for South-South cooperation in the world”.And while the BRICS+ format could remain geared towards broadening the circles of BRICS friends in the Global South, a complementary format such as BRICS++ could address the mounting needs and the possibilities associated with establishing a BRICS dialogue with the developed economies.
It should be noted that there have been steps undertaken by developed economies to expand the lines of communication with the Global South – in particular, the G7 outreach activities increasingly involve the invitation of developing countries, including BRICS members such as India during this year’s G7 summit in Japan.The BRICS could reciprocate by creating a special format for the participation of leaders from advanced economies to discuss the possible pathways for boosting North-South cooperation.
Apart from the invitation of some of the Western leaders to the BRICS++ platform, there could also be scope to invite representatives of regional development banks, regional financing arrangements and other key economic institutions from the advanced world.The scope for BRICS++ to expand would hinge to a significant degree on how pragmatic and economically focused Western participation is going to be within this platform; another factor is the greater recognition of BRICS and its inclusion into the various fora/meetings advanced by the developed economies regionally and globally.
One of the ways to render the BRICS++ format pragmatic would be to look at the possibility of using it as a platform through which common North-South initiatives could be discussed, including within the view to their further coordination in Bretton Woods institutions as well as in the G20.Indeed, the North-South coordination during the G20 meetings has been problematic in many respects (not least due to excessive politicization) and the BRICS++ discussions could provide more economic substance and continuity into the North-South economic cooperation in international organizations.Some of the pragmatic themes could include North-South cooperation in boosting green development financing, including through a common platform for regional financing arrangements and regional development banks from the Global South and the advanced world.Other key areas are joint action on debt relief, food and energy security, trade liberalization and the promotion of health-care and digital development for least developed economies, with a special focus on Africa.Supporting the integration of the African Continental FTA (AfCFTA) into the global economy via joint North-South initiatives could also be an important goal.
In the end, the expression of interest coming from France to participate in BRICS activities should be taken as an opportunity to strengthen North-South economic cooperation as well as a way to demonstrate BRICS rising inclusiveness and openness on the international stage.A BRICS++ format would be a logical continuity of the BRICS greater outreach and openness to the global community.In case the BRICS is successful in providing a platform for pragmatic North-South dialogue, its global role would expand and allow the block to advance initiatives across a greater array of areas of the world economy.
Author’s note: forst published in
BRICS+Analytics
In the current dilemma of the national leaders, the visionaries of the ‘seek and destroy’ doctrine may find pushing a red button an easy exercise.
After all, the circus lives on as the top percentile protected in lush heavens and the rest lost in dystopia while high-speed printing of crisp currency in action, economies falling, and life goes on.
Green Button, where green economies may reside, sustainability can thrive, and grassroots prosperity must blossom; it is nightmarishly an impossible task.
Hence, the skill games are different.The mindsets are just the opposite.The knowledge, wisdom, and stamina required to build a real value-creating economy are far too complex than just a ‘seek and destroy’ mentality.
Political power without economic power is no power at all.Economic power without entrepreneurialism is only powerless games of numbers.Nevertheless, little can be expected unless excellent knowledge exists to decipher
Mindset Hypotheses, the differences between the job-creator and the job-seeker mindset.
Futurism points to highly advanced needs of talents to achieve far more immense powers and advanced newer challenges, not just wars where both parties lose, but winning for both sides and for advancements of global goals achieving the common good.
As the global populace increasingly gets more connected and informed, hence,
the next round of elections in 2024 across the world, the majority will not accept the ‘seek and destroy’ doctrine but rather ‘build and trade’ philosophies.Empty stomachs need long-term solutions to cope easily with climate change challenges.When destruction surrounds, why strive for access to funds as empty promises? Why not redefine grassroots prosperity as a by-product of stability and collaborative peace?
Digitization has extensively exposed all governments, as visible are their achievements and catastrophes, plus their levels of intellect endlessly repeated on social media showcasing their wisdom behind narratives and policies, the overall intents, desired goals finally, the type and styles of mindsets and their severe limitations for global affairs and creating sustainable economic powers.
Around the world, new thinking is awakening, how to solve humankind’s problems with humankind’s solutions.This global vision alone challenges most leadership on such thinking—the war-weary leaderships in 1941 developed United Nations as the best idea of the period.
The global populace needs global-minded leadership to fix the global roots of economies.
Fact: Job-creator mind is an entrepreneurial mindset.
It craves to solve impossible ideas in pursuit of creating and originating strange and new organizations to achieve this.Parallel to this, the job seeker mindsets are highly trained, educated carrier mindsets, which deeply engage and build such organizations and ideas.Both differences are obvious, the passion is identifiably visible, and the bifurcation of directions and risk-taking is openly exposed.
Fact: great success can only be achieved when both types of mindsets are engaged harmoniously toward common goals.Reversing the roles will only work once; recognizing each mindset and clearing the pathways are the best methodologies.Study the last 100 earth-shattering job-creator entrepreneurs and how they created and built global operations with unlimited job-seeker mindsets, creating iconic legends.
As an advanced level exercise, study how American entrepreneurialism, 100 years ago, led by some 100K entrepreneurs, created entrepreneurial supremacy in America that not only carved the living proof of success as never seen before in history but also lasted over a century, and remains as the most entrepreneurial nation at heart.How China, decades ago, deployed national mobilization of entrepreneurialism and now changing world order.Why is India doing the same for the last couple of decades? India and China alone have created some 500K new entrepreneurs within the last few decades.Asia is already poised to lead with some billion new entrepreneurs by 2025.
If this is not a wake-up call to some 100-plus other nations still trying to understand their SMEs, still blocked behind basic digitization, if any, or lost behind bureaucracies, what would be expected from them in coming decades? To acquire mastery,
first identify the greatest mistake of economic thinking.
Nations struggling to attract foreign investment, continuously being rejected for lack of up-skilled citizenry, constant instability, and lack of grassroots prosperity, must discover that the richest but hidden resource is the mining of entrepreneurialism and not some fake mining of crypto-currencies.
SME sectors are, in reality, the largest pools of entrepreneurs in need of suitable ponds to swim and grow.Study the greatest error of economic thinking and make a critical path for your national economy.
Where stands your national leadership on such entrepreneurial intellectualism? Where, if any, there exists a national agenda on the national mobilization of SME entrepreneurialism to place high-value SME exporters on up-skilling and manufacturers of re-skilling to quadruple productivity, performance, and profitability? Why not create fertilized fields of productivity, performance, and profitability so the rains of new technologies and foreign investments will provide rapid growth? What is stopping your departments?
What part of the above narrative is so scary that such discussions are not allowed in most ministries of economies? Why trade groups and chambers are so silent? This SME mobilization challenge is not about websites and plastic awards but economic revolutions and the search for economic warriors.When was the last time this was a significant open debate and bold discussion in your department with some authoritative conclusion?
An audit of current mindsets to find the proper balancing is essential; what will a week-long of audits save the nation and revitalize economic development, and what a deep immersion in such topics will bring as real value confidence to uplift national SME economic sectors.
Such monumental shifts are too complex; new thinking is considered offensive in lingering bureaucracies, and change is pre-declared as forbidden.National mobilization of entrepreneurialism is only conquered when national SMEs are identified, classified, and grouped via vertical demographics, further digitized, placed on up-skilling platforms to improve global exportability, and re-skilling manufacturers to produce better goods and services.
There is no prosperous national economy unless it has progressive agenda to uplift, up-skill, re-skill, and digitize its national most significant national contributor, the SME Economic sectors, nation by nation, country by country, the free economic world.
Without a more profound understanding, correctingthe greatest error of economic thinking may help many nations surrounded by SMEs, what methodologies are needed to take current ministries and national bureaucracies to transform into driving engines.
Understanding new mathematics of SME sectors: Decades ago, accessible only to multinational enterprises, millions of dollar technologies are now available for less than $1000 to SMEs worldwide.At the same time, expensive million-dollar expertise, once only available to giant enterprises, is now available for $1000.Global knowledge used for business expansion, available for million dollars to multinational corporations now available for $1000 to high-potential SMEs worldwide.
What level of unique skills and depths of understanding is needed at the economics ministries to decipher such new mathematics, and what level of business creation experiences and global marketing skills are required to mold the right messaging and uplift 10% to 50% high potential SMEs across the nation’s and upscale them to enter the big league.
At this stage, this process should evolve into a significant SME economic revolution and a national agenda toward the national mobilization of entrepreneurialism.
The large number of SMEs within a sector, region, or nation is a blessing; now, the national mobilization of SMEs with the full force of technology creates global games of power.The regimented agenda of up-skilling is applied in simultaneous synchronization to create pathways where SMEs grow.Hence, developing strategic plans with precise deployment and mobilization techniques will turn such an advantage into mighty power plays.
Decades ago, a busload of SMEs founders, after months of training, became the winning poster teams for a nation when groups of economic development received some plastic awards to celebrate nationally profiled social media events; what new math needs to be deployed to create national mobilization of 10% to 50% high potential SMEs and uplift many thousands of such SMES on exportability and manufacturing as a standard economic policy and a regimented agenda.
Whether it is a red button, or global recession, or both, what better times to national mobilization of entrepreneurialism, uplift citizenry, up-skill SMEs, and create green economies and pathways for sustainability, but only when the citizenry feels stability, nation-building, and roads to a full stomach and national goals.
What are the new lessons unfolding, and
brick by brick, BRICS now a new bridge for a new world?
Who is right or who is wrong is no longer important; where is East and where is West is not the point; it is all about who has the wisdom to solve all included global problems.Who collaborates and destroys? What is fakery, and what is the absolute truth? The world’s free economies, where the restless populace is in increasing harmony, are upset with global economic failures.
It is not just the elephant but also a fighting gorilla in the room.Show global mastery of international economic affairs, global populace cometh, lead, follow, or get out of the way.Study more on Google.The rest is easy.
Tourism is considered to be one of the most vital industries in the world.The industry not only fuels economic growth but also promotes cultural exchange and provides employment opportunities for local communities.In Pakistan, the tourism industry plays a crucial role in boosting the country’s economy.However, the rise of terrorism and insurgency in some parts of the country has deeply affected the tourism industry, particularly in Ex Fata Pakistan.
Ex Fata is a region consisting of seven tribal districts that were previously considered as a hotbed of militancy and terrorism.
Despite the security challenges, Ex Fata has abundant natural beauty and cultural heritage, making it an attractive destination for tourists.The region is blessed with rich and diverse topography – from snow-capped mountains to breathtaking valleys, and from exotic tea estates to historical archaeological sites, it has everything a tourist could wish for.It is a potential hot spot for adventure tourism such as hiking, rock climbing, and rafting, as well as religious tourism since there are many shrines of spiritual leaders in Ex Fata.
However, the negative impact of terrorism cannot be underestimated.The presence of violent extremists in the region has disrupted the lives and livelihoods of locals and discouraged tourists from visiting.The terrorist activities have destroyed the infrastructures and cultural sites that are essential for tourism.The region has witnessed countless incidents of bombings, targeted killings, and kidnappings – all of which have contributed to the deterioration of the tourism sector in the region.
Tourism plays a significant role in the economic growth of any country, and Pakistan is no exception.The government’s plan to promote tourism in Ex Fata is a positive step towards further boosting Pakistan’s economy while creating new employment opportunities for locals.The region has natural beauty and cultural heritage, making it an attractive destination for tourists.
The government’s investment in the development of tourist-friendly infrastructure and services, and its focus on eco-tourism, can be a game-changer for the region.Local businesses can benefit from tax incentives and subsidies, which can help them expand their businesses and provide better services to tourists.Collaborations with tribal vloggers can be an effective way to create more engaging and informative content about the region, which can attract tourists.However, security and stability are crucial to the growth of the tourism industry in the region.The government should take strict measures to prevent violent extremist activities and invest in training and equipping the local police force with modern security measures to boost the confidence of tourists visiting the region.
The decline in the tourism industry in Ex Fata has resulted in devastating economic consequences for locals.
The industry serves as a critical source of income for many locals, including hotel owners, tour operators, taxi drivers, and souvenir vendors.The government’s investment plan and focus on eco-tourism can help revive the industry and create new employment opportunities for the locals.Tax incentives and subsidies to local businesses such as hotels, restaurants, and tour operators can be a significant boost to the industry.The security and stability of the region are essential to the growth of the industry.The government should take strict measures to prevent violent extremist activities and invest in modern security measures to boost tourists’ confidence visiting the region.Overall, the government’s plan to promote tourism in Ex Fata is an optimistic step towards further boosting Pakistan’s economy while preserving the region’s cultural heritage
Despite the security challenges, a ray of hope is visible in the form of the government’s plan to promote tourism in the region.
The government of Pakistan has pledged to invest heavily in the development of tourist-friendly infrastructure and services in Fata.The government’s tourism policy includes the development of roads, hotels, hospitals, and airports in prominent tourist destinations, which would attract visitors.Additionally, the government is promoting eco-tourism in the region, involving the local community in these endeavors to empower them economically.
Besides the government’s initiatives, there are several measures that can be taken to foster the growth of tourism in Ex Fata.One of the vital steps is to encourage and support local entrepreneurs and communities involved in the tourism sector.The government can provide tax incentives or subsidies to local businesses such as hotels, restaurants, and tour operators.This can help them reduce costs, expand their businesses, and provide better services to tourists.
In addition to government initiatives and collaborations with tribal vloggers such as Jamshed Burki can also be a game-changer in promoting tourism in the region.Jamshed Burki, a prominent YouTuber, has showcased the beauty and culture of the region in his videos, attracting a massive audience from all over the world.
By supporting these local content creators and featuring their content, the government can create more engaging and informative content, ultimately attracting more tourists.the involvement of local communities can also play a critical role in promoting tourism in Ex Fata.
Local communities can provide unique insights into the region’s culture, history, and traditions, making tourists feel more connected and engaged.The government can involve local communities in promoting tourism through community-based tourism programs, where visitors can immerse themselves in local cultures and traditions while supporting local businesses.Such programs can provide more sustainable income streams for locals, reducing their dependence on volatile industries and encouraging them to preserve their cultural heritage.
Furthermore, the government can also consider promoting Ex Fata’s tourism potential beyond Pakistan’s borders.International marketing and promotion of the region’s natural beauty, rich culture, and unique traditions can help foster cross-border cultural exchange while attracting more foreign tourists.
International collaborations, such as joint tourism ventures between Pakistan and other countries, can also enhance cultural exchange and international trade and investment.
In conclusion, the promotion of tourism in Ex Fata is not only vital for the region’s economic development but also for preserving its cultural heritage and traditions and creating new opportunities for the locals.
The government’s investment in infrastructure, security measures, and eco-tourism, along with collaborations with tribal vloggers and local communities, can help foster the growth of the tourism industry in Ex Fata.The promotion of Ex Fata’s tourism potential outside Pakistan, through international marketing and collaboration, can also enhance cross-border cultural exchange, trade, and investment.The government should prioritize the safety and security of locals and tourists while ensuring the sustainable development of the region’s tourism industry.
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