The World Economic Forum summit in Davos has focused on cyberspace as a new risk to global economic stability.

The annual Davos meeting of political and business leaders said in an off-the-record session yesterday that a new approach was needed to address today's global risks.

The panellists said the development of the internet has changed the colour of risk and the world needs a new approach to mitigating it.

It was reportedly believed that, as the internet connects the world while enabling actors to remain anonymous, this facility creates an "anonymity of threats". At the same time, information now travels at huge speed to connect the world, while the global community is disintegrating, as smaller communities are increasingly significant actors.

Panellists emphasised that coordination is essential to mitigate the associated risks as they are interdependent in nature. They called for more public-private partnerships, along with tax and financial incentives and third-party inspections to safeguard assets in cyberspace.