#ECOFIN2023: The Growth of Cybercrime Endangers 1 in 3 Companies

The XVI ECOFIN Congress, held in Madrid over two days on October 17 and 18, brought together experts in geopolitics, finance, technology, and cybersecurity to discuss the future of the economy and to reveal the 10 key strategies to weather the 2024 risks.

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Economic, social, and technological conflict zones are on the rise worldwide, and the threat extends beyond politics, territory, and diplomacy. However, despite the economic uncertainty left by the pandemic and the historic inflation, Salvador Molina, President of Foro ECOFIN and the MAD FinTech cluster, has emphasized that growth opportunities still exist in 2024.

Here are 10 reasons showing that Spain is well-positioned to face the risks. Spain enjoys sustained economic growth and legal stability, reduces unemployment, invests in renewables, supports innovation and technology, strengthens its tourism industry, enhances infrastructure, maintains robust exports, sees increasing public support for SMEs, and attracts more foreign investment.

The XVI ECOFIN Congress focused on two vital areas: cybersecurity and geopolitics applied to the economy. The conference featured intense debates on cyber threats, inflation, conflicts, and a rapidly changing world of technology, alliances, and geostrategies.

At #ECOFIN2023, speakers included José Carlos García de Quevedo, President of the Official Credit Institute, who highlighted Spain’s economic fundamentals that enable continued positive growth. The Institute will manage nearly 40,000 million euros in the coming months to help businesses improve their positions to face geopolitical and economic risks. The conference aimed to provide economic insights for 2024, especially for business leaders, preparing for a year with expected decreases in interest rates, offering relief to businesses.

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China was a central theme throughout the event. Carlos Sentís, founder, and CEO of the World Innovation Alliance, is an expert in China and aimed to reveal the other side of a country transformed into a superpower.

Fernando Cocho, a television expert in geostrategy and cybersecurity, highlighted China’s stance of not rushing growth and winning points to be the next empire, a perspective not fully understood in the West. Colonel Juan Salom of the Civil Guard and Chief Commissioner José García Serrano highlighted the increasing cybercrime that overwhelms companies’ preventive capabilities and law enforcement.

The ECOFIN Congress revealed the economic clues for 2024, aiming to provide insights to prepare for a year with slightly lower interest rates. The growth of cybercrime is a significant concern for the Spanish National Police. Despite companies actively protecting against threats, many cybercrimes aim to steal money, whether by demanding a ransom or emptying victims’ accounts.

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The Congress also focused on digital invoicing, which will change the way business is conducted. Furthermore, the eventual end of cash will be a global challenge. It is essential to progress toward a legal and regulatory framework that balances development with technology’s potential.

The two-day ECOFIN 2023 Congress emphasized the need to leverage technology’s potential while defending against its risks. Those who strike this balance are poised to lead the economy and politics in the coming decades.