The 48th World Economic Forum Annual Meeting kicked off January 23rd in Davos-Klosters, Switzerland. 70 heads of state, 38 heads of major international organizations, and hundreds of other leaders from NGOs and the private sector came together to discuss the growing global threats putting governments and businesses at risk.

The WEF’s own Global Risks Perception Survey illustrates that growing list of concerns for business leaders. Among the top threats identified by the survey are extreme weather brought on by climate change and the growing specter of nuclear war. Overall, 93% of respondents indicated their belief in increased political or economic confrontations this year.

Also prominent among the worries of business leaders: cyberattacks. “Cybersecurity is the issue most on the minds of boards and executives, given the visibility of state-sponsored attacks in an environment of increasing geopolitical friction,” says John Drzik, Marsh president of global risk and digital, who contributed to the study.

A separate survey by KPMG supports this conclusion, ranking cybersecurity as the single greatest concern for CEOs in the United States. A third of CEOs said it was the issue with the biggest impact on their companies today, but only half acknowledged being prepared for a cyber event.

Target, Yahoo, Equifax and Uber were among the companies experiencing high-profile data breaches last year. Close to 800 cyber events occurred in the first half of 2017—a 29% jump over the previous year—according to both the nonprofit Identity Theft Resource Center and data security firm CyberScout. But is anyone really surprised by the uptick? The growing number of hacks is likely a consequence of the low level of preparation.

And being unprepared ain’t cheap: The Equifax breach cost the company $87.5 million in the third quarter of 2017, and the impact of the erosion of consumer confidence has yet to be determined. The WEF estimates cyber-crime could cost businesses as much as $8 trillion over the next 5 years.

While some CEOs are investing in more robust customizable software, the smart ones are also developing contingency plan for handling the damage when it (inevitably) occurs, and an emerging cottage industry of consultants engage senior management in cyber drills. These drills, often referred to as “war games,” prepare key execs for the anxiety of facing data breaches while also helping them determine the right time to inform customers and investors of a catastrophe.

If you work at a corporation, expect a few days devoted to anti-hack education. Don’t begrudge that time‑it’s just as important right now as learning about your 401K.