Davos Agenda: What you need to know about technology

COVID-19 has accelerated the deployment of new technologies of the Fourth Industrial Revolution – reshaping how we work, shop, learn, socialize, even visit the doctor in ways likely to remain permanent long after the pandemic is under control.

The continued acceleration of technology will be critical to recovery. For example, Artificial Intelligence (AI) and data analytics can help us better prepare for and respond to pandemics – and better screen for, diagnose and treat disease. At the same time, AI has the potential to boost global growth by as much as 14% by 2030.

Meanwhile, technology – and digital skills – will be core to many of the most in-demand jobs of the near future.

But we must be careful to manage the risks, too – and responsibly govern tech to ensure its deployment does not exacerbate inequalities or expose people to risks.

From 25-29 January 2021, The Davos Agenda will bring global leaders together to discuss the next steps in the response to COVID-19, including the role – and regulation – of technology in formulating new policies and actions.

Building back better must include working towards tech for good – here’s how.

1. Close gaps in digital access

COVID-19 has sped up digitization – and “exposed even more clearly the gaps that still exist in digital access,” said the Forum’s report, “Accelerating Digital Inclusion in the New Normal“. “When essential services such as health, education or simply being able to continue one’s professional activity depend on connectivity, the inequalities became exacerbated.”

For example,“10% of households in low-income countries are fixed broadband subscribers, compared to 70% and close to 90% in middle- and high-income countries, respectively,” said the report. Furthermore, even among households with internet access, many do not have internet that is fast enough for remote work or school.

The report outlined targets for broadband access for 75% of the world by 2025, while ensuring it costs no more than 2% of earnings.

“If we are to emerge strongly from COVID-19 and tackle greater challenges, such as climate change, then not only do we need to continue the digital evolution, but we need to accelerate it with 5G at the forefront,” explained Börje Ekholm, President and CEO of Ericsson.

Governments also need to invest in digital skills training. Only 32% of people in lower-income economies and 62% in higher-income economies have basic digital skills – but basic digital skills, as well as more advanced ones, will be essential to surviving in this “new normal” and obtaining the jobs of tomorrow.

2. Stop cybercrime and ensure data privacy and security

While technology has allowed people to continue some elements of normal life even during lockdowns, it’s also exposed us to greater risk of cybercrime.

Before COVID-19, cyberattacks were on the rise, “costing an estimated $600 billion globally in 2017,” wrote executives from Oliver Wyman for Agenda.

Now, companies rank “cyberattacks and data fraud due to a sustained shift in working patterns” the #3 most-worrisome COVID-19 risk.

To take on these risks, governments must update or develop national cybersecurity frameworks, increase international cooperation and unify awareness campaigns, Contreras added.

Technology governance is needed not only to stop cybercrime, but also to drive growth and innovation.

Take a look at AI. There are more than 80 international standards and frameworks governing the use and ethics of AI, but this can impose “burdensome and sometimes conflicting obligations on organizations operating across national boundaries,” said the Forum’s Global Risk Report 2020.

“The proliferation of standards also makes it more difficult for countries and companies to converge on a single one as more AI-enabled systems are adopted. Even more critical, international and national policies are not keeping up with technological advances,” the report explained.

The bottom line: “An essential consideration for governments, businesses and civil society is how these technologies are harnessed and regulated to accelerate growth, encourage innovation and build resiliency,” said the Forum’s new Global Technology Governance Report 2021. “How governments and other stakeholders approach the governance of Fourth Industrial Revolution technologies will play an important role in how we reset society, the economy and the business environment.”

From 25-29 January 2021, join us for special addresses, leadership panels and impact sessions that will address many of the challenges discussed above, including:

You can watch the livestreamed sessions here.

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