Cyber risk must be “part of every organization’s culture”

A new report by the World Economic Forum (WEF) calls for chief executives to take responsibility for improved protection from cyber risks. The report, Risk and Responsibility in a Hyperconnected World – Pathways to Global Cyber Resilience, highlights the need to focus on corporate governance and to raise the profile of cyber risk with corporate boards and chief executives, so that they are incorporated into ongoing decision-making processes.

“Today’s hyperconnected world offers many benefits. However, it also creates new cyber security risks, gives us less time to react and requires new levels of cooperation at a global level,” said William E. McCracken, chief executive officer at CA Technologies. “Privacy, national security, innovation and economic conditions must all be considered, which is only possible through ongoing collaboration between businesses, governments and society-at-large.”

The report also recommended business leaders to commit to a basic set of Principles for Cyber Resilience. According to Ian Livingstone, chief executive officer at BT Group: “This initiative offers a common set of principles, raising business standards and shifting mindsets from just securing perimeters to a focus on interdependence and resilience. By committing to these principles, we can demonstrate leadership, accountability and best practice corporate governance in a digital world.”

Jolyon Barker, managing director of global technology, media & telecommunications at Deloitte – who assisted the WEF in the publication of this new report – said: “Cyber resilience needs to become part of every organization’s culture – it is not a line item in your risk strategy.”

StrategicRISK will be hosting its inaugural European Cyber Risk Management Summit in November later this year.