According to HP enterprise services chief technology officer, there will be a catastrophic cyber attack within the next five years.
Speaking at the European Information Security Summit 2015 in London, Andrzej Kawalec said: "We expect an attack that will cause significant and lasting damage to a major world economy through physical and economic impacts."
HP has also predicted enormous challenges around creating a robust single digital online identity and managing the security of information shared online through social media, in the cloud and through devices connected to the Internet of Things.
Kawalec added: "All these things are all about sharing data, not about security. Securing all the data shared in this way is a huge challenge in the absence of any standards to enable us to take control."
HP believes there are issues that need to be tackled urgently.
Kawalec said: "First we need to focus more time and effort on understanding our adversaries and how to disrupt them at every step.
"Second, we need to understand and identify our risk so that we can see how best to protect as well as enable our information assets.
"Third, we all need to collaborate more and share information with each other to get a single view of the threats and extend our cyber security capabilities beyond our own organisations."
According to Kawalec, extending cyber security capabilities is a huge part of HP's strategy.
"But we recognise that it is not something we can do on our own and we are keen to work with as many partners as possible."
Looking at the year ahead, Kawalec said HP expects a major mobile exploit in the next 10-12 months as adversaries continue to collaborate faster and more efficiently.
Other challenges going forward into 2015 include the need to improve the management of open-source software within organisations and to address security vulnerabilities within supply chains.
Kawlaec said: "From the attack on US retailer Target through a compromised air-conditioning supplier, it is clear to see that organisations need to change the way they deal with suppliers."
A third key area in the year ahead will be industry sector attacks, such as those already seen in the retail and health care sectors.
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