According to the World Economic Forum's (WEF) 2016 risk report cyber attacks are one of the most serious risks facing global economies.
A major study by the WEF revealed that most countries have underplayed the risks of cyber attacks to their economic wellbeing.
The warning comes as business leaders, politicians, and academic and non-government organisations prepare for the Davos summit which takes place from the 20-23rd January discussing the fourth revolution and the global impact of new technologies.
The WEF's risk report revealed that businesses of all sizes have been affected by complex cyber attacks.
Studies show that cyber crime cost the global economy £445bn in 2014, however only eight economies have concluded that a cyber attack is a risk of the highest concern.
Chairman of the Global Risk Centre at Marsh and McLennan, John Drizk, said US companies are more aware of cyber risks because legal requirement to report security breaches have focused the minds of company leaders.
He said: "I think there is going to be similar regulation [outside the US] and that is going to trigger the growth of the insurance market and bring more attention in the corporate sphere."
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