World Economic Forum launches new Global Centre for Cybersecurity

The World Economic Forum launched a new Global Centre for Cybersecurity on Wednesday to enable governments, businesses, experts and law enforcement agencies to collaborate and fight cyber challenges together.

The World Economic Forum said it believes that to tackle a borderless problem like cyber-attacks, the global community needs to work as a group rather than forcing countries and institutions to fight isolated battles.

While launching the new Global Centre for Cybersecurity, the World Economic Forum stressed on cyber security basics like collaboration, information exchange and common standards which it said are essential for the global community to defeat the menace of cyber crimes.

Alois Zwinggi, Managing Director at the World Economic Forum, has been appointed as the Head of the new Global Centre for Cybersecurity. Commenting on the objectives of the new centre, he said that it will serve as 'the first platform to tackle today’s cyber-risks in a truly global manner'.

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'If we want to prevent a digital dark age, we need to work harder to make sure the benefits and potential of the Fourth Industrial Revolution are secure and safe for society,' he added.

To begin with, the Geneva-based centre will consolidate existing cybersecurity initiatives of the WEF, establish an independent library of cyber best practices, help partners to enhance knowledge on cybersecurity, discuss an appropriate and agile regulatory framework on cybersecurity and serve as a laboratory and early-warning think tank for future cybersecurity scenarios.

'Interpol is a natural strategic partner for the World Economic Forum’s Global Cyber Centre. Both are unique because their global dimension underpins our collective response against the cyber threat. Our partnership contributes to building effective security architecture against such global threats, bringing key interdependent actors together, including police and business,” said Jürgen Stock, Secretary General of Interpol.

The statement from WEF also explained why there is an urgent need to create a world body which can play a major role in future cyber warfare.

'The cost of cybercrime to the global economy could go up to $500 billion annually, according to experts. In comparison, the annual GDP of Switzerland in 2017 is estimated at $659 billion. The World Economic Forum has recognized cybersecurity as one of the world’s most critical risks.

'In response, the new Global Centre for Cybersecurity will draw on the Forum’s government and industry support to work towards a more secure cyberspace through its established multistakeholder approach,' it added.