Cybersecurity key to economic stability: Experts at AED 2025 urge global cooperation, investment in cybersecurity
Pune, 22nd February 2025: On Day 2 of the MEA-PIC Asia Economic Dialogue 2025, the session on ‘Collaboration on Cyber Resilience: An Economic Imperative’ highlighted the importance of investing in cybersecurity to safeguard critical services to ensure long-term economic stability, even as businesses and governments rely more on digital systems.
Chaired by Dinanath Kholkar, former VP, TCS; Research Track Lead of Science, Technology, and National Innovation Ecosystem, PIC, the session had as panellists Ashwini Panse, MD, Intercontinental Exchange (ICE India) and Chief Risk Officer, North American Clearing Houses; Dattatraya Gokhale, Senior Manager, Bosch Global Software Technologies; Matthias Yeo, Co-founder and CEO, CyberXCenter, Singapore; and Alexandre Ferreira Gomes, Research Fellow, EU and Global Affairs Unit, Clingendael.
Warning that cyberattacks are rising at an alarming rate, Kholkar said India witnessed a 46% YoY increase in cyberattacks, with 3,200 attacks per week, and losses of ₹1,750+ crore in early 2022. “Globally, ransomware surged 18%, disrupting supply chains. Urgent action is needed,” he said. Ashwini Panse said reliance on third-party vendors in the supply chain exposed organisations to cyberattacks and diversifying technology suppliers is crucial to mitigating risks to cybersecurity, especially protecting the massive daily financial transactions. She said global conflicts such as the Russia-Ukraine, Israel-Palestine, US-China tensions also heighten cybersecurity risks. She said 2024 had the highest number of elections globally and it increased the risk of cyber influence operations. Terming AI as a double-edged sword that enhances cybersecurity defences while also enabling sophisticated cyberattacks, she urged stronger international cooperation to establish unified cybersecurity frameworks.
Matthias Yeo said cybersecurity is not just technical but economic and geopolitical, warning that many organisations underestimate the complexity of cyber threats and fail to invest adequately in cybersecurity. He cited the example of Singapore as a country which recognises that cybersecurity requires collaboration between government and private enterprises, as it improves national resilience.
Alexandre Gomes said Europe’s approach to cybersecurity regulation is often seen as over-regulated and focused on privacy and data protection, but it inspired similar laws worldwide, including in India.
Dattatraya Gokhale said advancements in computing, data storage, and AI have increased efficiency but also expanded attack surfaces in industrial systems as the availability of AI tools reduces the expertise needed to launch cyberattacks.
Debt servicing burden forcing countries to look at currency diversification: Dammu Ravi
Trade in local currency, UPI, CBDC potential alternatives to US dollar: Experts at AED 2025
The session on ‘International Monetary System: Challenges and Reforms, chaired by Prof. Ajay Shah, Co-founder, XKDR Forum, explored the evolving international financial structure, particularly the dominance of the US dollar in global financial transactions. The panellists were Dammu Ravi, Secretary (Economic Relations), MEA, Government of India; Dr. Amita Yadwadkar, Asst Professor, Dept of Economics, Savitribai Phule Pune University (SPPU); Radha Shyam Ratho, Executive Director, Reserve Bank of India; and Anita Prakash, Director, Partnership, Economic Research Institute for ASEAN and East Asia (ERIA).
The session discussed the influence of the USD on countries’ decisions regarding exchange rate regimes and efforts to explore alternatives to these currencies. Pointing out that post-COVID-19 trade and supply chain disruptions have made global trade more challenging, Dammu Ravi said countries that traditionally traded in US dollars faced increased debt servicing, diminishing their ability to trade due to declining dollar reserves. He said countries are exploring currency diversification to reduce dependence on the US dollar, bringing a BRICS currency into focus. He said the international monetary system faces challenges as it has not been able to contain financial crises such as the currency crisis in 2008.
Dr. Amita Yadwadkar said trade using local currencies through MOUs with countries and enabling UPI payments globally are options to conserve forex and reserve currency.
Radha Shyam Ratho said denial of access to the SWIFT global payment system in the wake of global conflicts such as Russia-Ukraine has created dilemma for central bank managers, forcing countries to think of alternatives to the US dollar. He said Central Bank Digital Currency (CBDC) could be a solution to the payment problem and be an alternative to the US dollar.
Anita Prakash said that in the current production and trading system, components are made in different countries and are traded across borders, making it imperative for countries to be part of the global supply chain and trade in US dollars. She said in such a system, appreciation of the dollar leads to drag in local economies and therefore responsibility and cooperation are important.
Over three days, AED 2025 addresses the complexities of economic fragmentation and identify actionable pathways for resilience and resurgence. Through nuanced discussions on the challenges and opportunities, the conference aims to empower nations, industries, and individuals to navigate the evolving geoeconomic landscape.
Among the pivotal geoeconomic topics explored at AED 2025 are Artificial Intelligence (AI), Cyber Security, African Transformation, Blue Economy, the International Monetary System, Micro, Small and Medium Enterprises (MSMEs), and Climate Change.
The conference features Fireside Chats and sessions on ‘Re-imagining Leadership in the Era of AI and Automation’; ‘African Transformation: From Aid to Investment’; ‘Survival Before Sustainability: An Agenda for this Decade’; ‘Collaboration on Cyber Resilience: An Economic Imperative’; ‘International Monetary System: Challenges and Reforms’; ‘Unlocking Growth Potential by Empowering MSMEs’; and ‘Blue Economy in India’s Extended Neighbourhood’.
