The World Economic Forum has published this week its ‘Risk and Responsibility in a Hyperconnected World’ Report, addressing options that institutions can take to improve their cyber security and mitigate the business impact of such cyber crime.
The impact of cyber security can be huge
The report notes that major technology trends like, analytics and cloud computing are creating between $9.6 trillion and $21.6 trillion in value for the global economy but that, if a sophisticated attacker were to outpace defender capabilities, a wave of new regulations and corporate policies could slow innovation, with an aggregate impact of approximately US$ 3 trillion by 2020.
In a bid to curb the cyber threat, the report outlines a roadmap for collaborative action and ways to build awareness and partnerships across the public and private sector divide.
Better data to avoid cyber security risks is paramount
“Developing resilience to cyber risks in our economic and social systems is not a question of simply building walls for security,” said Alan Marcus, Senior Director and Head of Information Technology and Telecommunications Industries at the World Economic Forum USA.
“There are trade-offs to be made with other goals we wish to value, such as privacy, growth, innovation, and the free flow of goods and data. But to make good decisions on cyber security, we need better data.”
The report is derived from a series of workshops and interviews carried out with 300 top global business executives.
Whitehall Media is a leader in ICT related conferences and will be holding its distinguished Enterprise Security and Risk Management conference on 25 March, 2014 at the Hotel Russell in central London. To hear about how the modern enterprise can build resilience against cyber security attack, book your place early to avoid disappointment. Visit www.whitehallmedia.co.uk/esrm for more information.