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Cooperation needed to meet global cybersecurity challenge

A report by the World Economic Forum (WEF) in collaboration with The Boston Consulting Group (BCG) provides guidance to help private and public organisations collaborate to fight cybercrime. It warns that society won't be able to overcome cybersecurity threats unless governments, businesses and individuals cooperate. It states: “The increasingly networked, digitised, and connected world is vulnerable to cyberthreats that can only be addressed by the combined capabilities of the public and private sectors.”

Cybersecurity is public good

WEF's Daniel Dobrygowski commented: “We need to recognize cybersecurity as a public good and move beyond the polarizing rhetoric of the current security debate. Only through collective action can we hope to meet the global challenge of cybersecurity.”

One of the complicating factors for businesses in bolstering their cybersecurity protocols is that technologies for personal use are now prevalent, making cybersecurity threats more complex and dynamic. Since technology now saturates our economy and society, keeping sensitive corporate data secure is no longer a matter of securing static machines in a fixed business location. The WEF report states: “Addressing these threats requires dialogue across industries and competencies, and on subjects from the technical to the ethical. Currently, dialogue between leaders in the public and private sectors is often off-target and at cross purposes. Policy implementation also varies by national context: every country has its own unique capabilities, vulnerabilities and priorities.”

Trade-offs need to be considered

According to the WEF, its report helps organisation leaders develop a “baseline understanding of the key issues and pros and cons of different policy positions on cybersecurity”. It discusses 12 policy models, including 'zero-days' (vulnerabilities in coding), vulnerability liability, botnets and encryption, and also includes 12 case studies.

The policy models across the 12 different cybersecurity areas encourage leaders and businesses to evaluate choices and trade-offs in terms of security, privacy, economic value, accountability and fairness. So, for example, the prioritising of economic value could reduce aspects of security; or an increase in policies prioritising accountability could infringe on privacy considerations.

CTMfile take: Cyber Resilience: Playbook for Public-Private Collaboration, is a very in-depth document that provides an excellent overview of the many considerations needed in evaluating cyber-resilience choices.

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Risk Management
ERM - Enterprise Risk Management
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