It was at the World Economic Forum meeting in Davos six years ago that I first became seriously worried about the credit bubble. It was clear back then, in January 2007, that problems were developing in complex credit. But it was also clear that the public and private sector were in widespread denial.

That partly stemmed from an “agency dilemma”, as economists say: though there was plenty of unease about complex credit, no single company or government official wanted to blow the whistle, in case they suffered stigma or created panic. Thus it was frustratingly hard to pin down tangible names or numbers to articulate my fears; all I heard were whispers in Davos corridors.

This week I have experienced an echo of this pattern at the 2013 WEF meeting. But this time my unease does not revolve around any financial threats, but another issue – cyber security. Most notably, after chatting to corporate executives at Davos this year, it is clear many are suffering a deluge of cyber attacks. Some of these emanate from teenage hackers, or opportunists trying to steal money or secrets; but many seem more malign, security experts say, with the potential to disable corporate systems or critical infrastructure.