Executive summary 05

A resilient digital future – Why cybersecurity can’t wait 06

Cybersecurity – The investment opportunity 09

Understanding cyberspace and the rise of cybercrime 11

Cyberattacks: The dark side of connectivity 14

Beyond the breach – The true cost of cyberattacks 19

SPOTLIGHT: From blackouts to breaches 22

The Center for European Policy Studies (CEPS)

Cyberattacks unpacked – Tactics, actors and motivations 25

Behind the breach: Geopolitics, espionage, and the cybercrime economy 26

Why attackers strike: The cyber equation 28

Too little, too late – The shortfall of cyber defenses 31

Where organizations lag: Core defenses demanding improvements 34

Incentives, costs, and complexity: Systemic barriers to cyber resilience 36

SPOTLIGHT: Europe builds cyber-sovereignty amid US dependence risks 38

System change: Envisioning a cybersecure future 41

Theory of change – Connecting systems change to investment opportunities and measurable impact 45

Activities we seek to invest in: Summa solutions 48

Unlocking the full potential of cybersecurity 50

SPOTLIGHT: Embedding cybersecurity across the portfolio 51

End notes 53

References 54