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Cyber economics and the risk to critical infrastructure
By Heidi Crebo-Rediker, Senior Fellow for Geoeconomics, Council on Foreign Relations
(She is also a speaker at the Global Cybersecurity Forum Annual Meeting 2025.)
In debates on economic security, cyber economics is too often overlooked. Many still frame cyber threats as company-level problems, where firms worry about ransomware, retailers fear stolen data, and banks focus on hacked payment systems. However, the more consequential danger is collective: cyberattacks on critical infrastructure with the power to unleash cascading disruptions across entire economies. This systemic risk remains under-appreciated, even as attacks grow in scope, sophistication, and geopolitical consequence.
From corporate risk to macroeconomic shock
The greatest danger lies not in a single server, but in the complex systems that underpin modern commerce. Electricity grids, water utilities, transportation networks, ports, airports, and undersea cables carry the weight of global connectivity. While automation and software increase efficiency, they also multiply vulnerabilities.
A prolonged disruption to any one of these systems can paralyze thousands of businesses. Multiple disruptions at once could be catastrophic. The 2021 winter storm in Texas, though caused by weather rather than malware, is a sobering example. The blackout cost up to $130 billion and crippled supply chains, health services, and agriculture. Imagine a hostile actor triggering similar failures via cyberattack, deliberately timed for maximum damage. The result would not only devastate individual entities but also generate a macroeconomic shock—akin to a natural disaster colliding with a financial crisis.
The growing threat landscape
State-backed hackers and criminal groups are already probing these vulnerabilities. The Colonial Pipeline ransomware attack in 2021 exposed how fragile logistics networks can be, while the more recent Volt Typhoon campaign embedded malware inside U.S. critical infrastructure. Unlike espionage, such intrusions appear designed to disrupt the civilian economy at scale, undermining both national resilience and military readiness.
The threat is also global. Attacks on undersea cables—vital arteries of the digital economy—are no longer hypothetical. With artificial intelligence accelerating offensive capabilities, adversaries can now identify weaknesses faster and automate attacks at scale. As a result, the risk curve is steepening, placing both advanced and developing economies in danger.
The field of cyber economics
Traditional economics treats cyber risk as a minor externality to be covered by insurance. In contrast, cyber economics reframes these risks as systemic. The more integrated and digitized an economy becomes, the more vulnerable it is to disruption. Elevating cyber threats from technical concerns to macroeconomic risks sharpens the case for sustained investment in resilience.
Without realistic, economy-wide accounting of costs, both governments and markets will continue to underinvest in defense and the skilled workforce required. Initiatives such as the Global Cybersecurity Forum–World Economic Forum Center for Cyber Economics, particularly when joined by institutions like the IMF, World Bank, and OECD, represent important first steps.
Who polices, who pays?
The governance dilemma complicates the picture. In the United States, most critical infrastructure is privately owned, meaning investment decisions often follow commercial incentives rather than national resilience. Large utilities may field advanced defenses, while smaller authorities lack the means to keep pace. Even the best-prepared firms cannot realistically deter state-backed attackers without government coordination and international collaboration.
Meanwhile, state-led economies often mandate cybersecurity standards and assume direct responsibility for protecting infrastructure. Liberal democracies, however, struggle to enforce baselines or require immediate reporting. Legal restrictions and fragmented oversight create uneven defenses, leaving the broader economy exposed to “weakest link” failures. The unresolved question of who ultimately pays—federal taxpayers, private firms, or local governments—further delays progress.
The allied dimension
Because cyber threats transcend borders, national strategies alone are insufficient. Attacks on shared assets such as undersea cables, power grids, or data networks ripple across continents. Therefore, allies must elevate cyber resilience as a shared economic security priority. Intelligence sharing, collaborative monitoring, and joint investment in defensive infrastructure can help close gaps that no single nation can address on its own.
A call to action
What is needed now is a paradigm shift. Policymakers, investors, and regulators must recognize that cyber threats to critical infrastructure represent potential macroeconomic shocks, not isolated corporate challenges. The rise of cyber economics highlights that in an interconnected world, cyber defense is economic defense. Ignoring this reality risks overlooking one of the defining macroeconomic threats of our time.
Read our previous post, H-1B visa fee hike rattles tech and global markets
Tech News
NEMETSCHEK GROUP AND INGRAM MICRO PARTNER TO ACCELERATE DIGITAL TRANSFORMATION ACROSS THE MIDDLE EAST AND NORTH AFRICA REGION
The Nemetschek Group, one of the world’s leading software providers for the Architecture, Engineering, Construction and Operations (AEC/O) industry, announced a strategic partnership with Ingram Micro, a business-to-business (B2B) platform company for the global technology ecosystem, to jointly explore new business opportunities and accelerate digital transformation across the Middle East and North Africa (MENA).
The strategic partnership brings together Nemetschek’s cutting-edge software portfolio with Ingram Micro’s extensive regional reach, ecosystem enablement capabilities and deep market expertise. As part of the collaboration, both companies will work closely on joint market development initiatives, including coordinated marketing campaigns, industry events and customer engagement activities aimed at increasing awareness and adoption of Nemetschek’s solutions across the region. The collaboration also outlines a strong focus on sales enablement and training, equipping Ingram Micro’s teams with the technical, product and commercial expertise required to effectively promote, demonstrate and support Nemetschek technologies.
In addition, the partnership will support customers throughout their digital transformation journey through pre-sales collaboration, post-sales support and long-term account growth strategies. It is designed as a progressive onboarding framework, with Ingram Micro expected to be gradually onboarded across Nemetschek’s portfolio on a brand-by-brand basis as the partnership evolves.
Yves Padrines, Chief Executive Officer of the Nemetschek Group, noted that partnerships are a cornerstone of Nemetschek’s strategy to scale innovation and drive digital transformation globally. “The Middle East and North Africa region offers immense opportunity, defined by ambitious infrastructure programs and a clear commitment to digitalization. By collaborating with Ingram Micro, we are strengthening our ability to deliver open, connected and future-ready solutions that empower our customers to design, build and operate more efficiently and sustainably.”
Commenting on the partnership, Muayad Simbawa, Managing Director of Nemetschek Arabia, said: “This collaboration represents a strategic step forward in our mission to enable meaningful digital transformation across the built environment in the Middle East and North Africa. Ingram Micro’s strong regional footprint, ecosystem-driven approach and proven ability to scale technology adoption make them an ideal partner as we continue to empower architects, engineers and construction professionals with innovative, open and interoperable solutions. Together, we are laying the foundation for a more connected, efficient and sustainable future for the industry.”
Shaikh Mohammed Ahmed, Managing Director, Ingram Micro KSA, added: “At Ingram Micro, we see digital transformation as a collaborative journey built on strong partnerships and shared expertise. Our collaboration with Nemetschek reinforces our commitment to enabling our customers and partners with world-class technologies that address the evolving needs of the AEC sector. By combining Nemetschek’s industry-leading solutions with our regional capabilities and enablement services, we aim to unlock new growth opportunities and deliver tangible value across the MENA region.”
Ingram Micro is a leading global technology distributor and services provider, playing a critical role in the IT ecosystem by connecting technology manufacturers with solution providers and end customers. Through its extensive portfolio, digital platforms and value-added services, Ingram Micro enables businesses to scale, innovate and transform in an increasingly digital world.
The partnership underscores both companies’ shared vision of driving innovation, accelerating technology adoption and supporting regional ambitions for smarter infrastructure, sustainable development and digitally enabled economies.
Embryology 4.0 and Artificial Intelligence Lead Conference Discussions
The First Saudi Conference on Gynecology and Fertility (GFS) concluded its proceedings in Jeddah under the patronage of His Highness Prince Saud bin Abdullah bin Jalawi Al Saud, Governor of Jeddah. The conference brought together more than 40 experts and speakers from a distinguished group of local and international specialists, marking a new milestone in the transformation of specialized healthcare in the Kingdom. This scientific event gathered leading global medical experts under an academic platform organized by Dr. Ayman Oraif, Consultant and Director of the IVF Center and Reproductive Surgery at King’s College Hospital London – Jeddah.
A Scientific Platform for Women’s Health
Held from January 29 to 31, 2026, the conference reaffirmed the Kingdom’s leading role in keeping pace with the latest global medical advancements and supporting women’s and family health, in alignment with the objectives of the healthcare transformation program and Saudi Vision 2030. The scientific program featured specialized sessions and hands-on workshops addressing the future of fertility treatment, surgical precision, innovation in minimally invasive gynecologic surgery, and the evolution of women’s healthcare across different stages of life.
Participants reviewed the latest surgical innovations in gynecologic oncology, endoscopic and laparoscopic procedures, and reproductive surgery, within the context of the growing trend toward integrating advanced medical technologies to enhance quality of care and treatment outcomes.
Embryology 4.0… An Artificial Intelligence Revolution
Discussions highlighted the concept of Embryology 4.0, which integrates medical expertise with advanced digital technologies, including the use of artificial intelligence in embryo selection and assessment, in vitro maturation (IVM) techniques, embryonic mosaicism, as well as the development of accreditation standards for fertility laboratories and the enhancement of outcome quality.
Knowledge Exchange and Capacity Building
In turn, Dr. Ayman Oraif, Consultant and Director of the IVF Center and Reproductive Surgery at the hospital, affirmed that the conference delivered highly specialized scientific content reflecting the rapid advancements in infertility treatment and assisted reproductive technologies. He noted that the Kingdom has become well positioned to adopt these technologies and innovate new solutions to improve fertility outcomes.
Stem Cells, A New Hope for Fertility
Within the scope of the discussions, Dr. Oraif pointed out that the use of stem cells in the treatment of infertility and premature ovarian insufficiency represents a promising scientific horizon in the field of regenerative medicine. He referred to the study he presented on premature ovarian insufficiency, noting that this condition affects approximately 1% of women before the age of forty and may benefit from treatment using mesenchymal stem cells derived from bone marrow or menstrual blood. Preliminary studies have demonstrated these cells’ potential to improve ovarian function and enhance fertility indicators in patients.
According to the study, clinical trials showed encouraging results, including the resumption of menstruation, improved hormone levels, and increased pregnancy rates, without significant reported complications. The discussions also highlighted complementary protocols, such as platelet-rich plasma (PRP) therapy, which has demonstrated improvements in oocyte quality and pregnancy rates reaching approximately 20% in some studies.
A Forward-Looking Vision for Saudi Medicine
As the first conference of its kind to be held in the Kingdom, this event represents a qualitative addition to the path of specialized medical education and the support of research and development programs, reinforcing Saudi Arabia’s position as a regional hub for medical innovation. It also reflects the success of King’s College Hospital London – Jeddah in attracting leading global scientists and providing a platform for specialized scientific dialogue in women’s health and fertility research.
The conference is expected to contribute to establishing frameworks for research collaboration between Saudi and international institutions, while exploring the future of regenerative medicine and artificial intelligence in the treatment of gynecologic diseases and infertility. With the emergence of promising results in stem cell research, hopes are rising that the coming decade will deliver practical solutions for a wide range of fertility disorders, supported by institutional backing and a national vision that aims to place the Kingdom at the forefront of the global medical landscape.
PNY Technologies is pleased to announce its participation in AI Everything Egypt, taking place in Cairo from February 10 to 12, marking a key milestone in the company’s expansion strategy in Egypt.
PNY will be exhibiting in partnership with NtegralOne, Booth H1-A50, where visitors will have the opportunity to discover the latest high-performance AI solutions designed to meet the evolving needs of enterprises, data scientists, and advanced computing professionals.
At the booth, PNY will showcase:
NVIDIA DGX Spark
AI Workstations powered by NVIDIA RTX PRO Blackwell GPUs
These cutting-edge solutions demonstrate how NVIDIA technologies are enabling next-generation artificial intelligence, data science, and advanced computing from enterprise-grade AI platforms to high-performance workstations.
By joining AI Everything, PNY aims to engage with key stakeholders in the region, highlight its innovative AI portfolio, and strengthen its presence in the Egyptian market. Attendees are invited to meet the teams on-site to explore real-world use cases and discuss how PNY’s solutions can help bring AI projects to life.
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