World Economic Forum launches cyber security framework to help firms -TEISS® : Cracking Cyber Security

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World Economic Forum launches cyber security framework to help firms

The World Economic Forum has launched a cyber value-at-risk framework to help companies protect themselves against cyber attacks and assess the impact of threats.

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According to the World Economic Forum, around 90 per cent of companies worldwide recognize they are insufficiently prepared to protect themselves against them.

Alan Marcus, senior director of the Information and Communication Technology Industries at the World Economic Forum, says: “Continuous cyber attacks on global organizations are showing that we are at a crossroads. The same technologies many organizations have become so dependent on can also threaten their very core.”

The proposed framework is part of a new report, Partnering for Cyber Resilience: Towards the Quantification of Cyber Threats, which was created in collaboration with Deloitte and with the input of 50 leading organizations from around the world. The report will be discussed at a session during the World Economic Forum Annual Meeting 2015.

The purpose of the cyber value-at-risk approach is to help organizations make better decisions about investments in cyber security, develop comprehensive risk management strategies, and help stimulate the development of global risk transfer markets.

The framework helps organisations address questions such as how vulnerable they are to cyber threats, how valuable the key assets at stake are, and who might be targeting them.

The framework requires organisations to understand key cyber risks and the dependencies between them. It will also help them establish how much of their value they could protect if they were victims of a data breach and for how long they can ensure their cyber protection.


Photo © r2hox (CC BY-SA 2.0). Cropped.

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