Global Cybersecurity Outlook | DAVOS 2020 | January 23d

TL;DR

Cyber incidents are projected to cost six trillion dollars by 2021, highlighting the need for collaboration between the public and private sectors to combat cyber threats.

Transcript

so good afternoon and welcome to the global cyber security outlook discussion we are going to discuss probably what is the most important questions of our time the cost of cyberattacks cyber incidents are likely to reach six trillion dollars by 2021 but beyond just the numbers brands supply chains stakeholders and markets are all going to be implic... Read More

Key Insights

• 🔒 Collaboration between the public and private sectors is essential to combat cyber threats effectively.
• 🖤 The complexity of technology and lack of regulations give an advantage to hackers, making proactive security measures crucial.
• 🏛️ Improved education and training programs are needed to build cybersecurity capabilities and create a culture of security.
• ❓ Data localization and regulations on privacy protection can create challenges and fragmentation in the cybersecurity landscape.
• 🔒 Companies need to prioritize security and invest in innovative solutions, while also demanding better and more effective security products.
• 💁 Public-private partnerships should focus on real-time information sharing and building trust between different actors.
• 🖤 The role of Interpol in addressing cybercrime is challenging due to fragmentation, lack of capabilities, and limited information sharing from the private sector.
• 🤕 The future of cybersecurity requires transitioning Interpol into the digital age, adapting to new technologies, and ensuring privacy and accountability.

Questions & Answers

Q: How can companies internalize the role of being the first respondents and rule makers for cyberspace?

Private companies need to embrace the importance of public-private partnerships and recognize their role in addressing cyber threats. Sharing threat information and collaborating with government institutions is crucial for better protection.

Q: How difficult is it for chief information security officers to get the attention of company executives?

It can vary, but some companies prioritize cybersecurity and have a board of directors that recognizes it as a top risk. Chief information security officers should regularly present progress and efforts to the executives to keep cybersecurity a priority.

Q: How do public-private partnerships work with strong men politics and leaders who want control?

Collaboration is key, regardless of political agendas. The focus should be on sharing data, best practices, and working together to address cyber threats. Building a strong community and addressing attacks together is essential.

Q: What are the key emerging risks in cloud computing, AI, and blockchains?

As technology advances, companies need to be proactive and secure these new spaces. The lack of security by design is a vulnerability that needs to be addressed. Understanding motivations behind attacks and staying proactive is crucial for efficient cybersecurity.

Summary & Key Takeaways

• Cyber incidents are expected to cost six trillion dollars by 2021, impacting brands, supply chains, stakeholders, and markets.

• Companies now recognize that they are the first respondents and important rule makers for cyberspace, emphasizing the importance of public-private partnerships.

• Working with states can be challenging due to political agendas, but collaboration and sharing of information are crucial to address cyber threats.

• Business leaders need to prepare for emerging risks in cloud computing, AI, and blockchains, understanding vulnerabilities and staying proactive.