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World Economic Forum Report highlights responsibility of chief executives for cyber security

By Fon  Mathuros (People's Daily Online)

16:31, May 31, 2012

Bangkok, Thailand, 31 May 2012 – Increasing dependence on connectivity calls for chief executives and other leaders to take responsibility for improved protection and resilience against cyber risks, according to a new report released today by the World Economic Forum, in collaboration with Deloitte member firms.

Risk and Responsibility in a Hyperconnected World – Pathways to Global Cyber Resilience discusses key outputs and emerging issues related to cyber resilience. In particular, it 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, 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.”

As part of the Forum’s Risk and Responsibility in a Hyperconnected World project, the report encourages chief executives to commit to a basic set of Principles for Cyber Resilience, which have been designed on the notion that individual action results in collective gain.

“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,” said Ian Livingston, Chief Executive Officer, BT Group.

The report underscores the need to create a trusted multistakeholder dialogue between private and public actors. The World Economic Forum proposes that organizations taking part in this initiative become trusted business partners in the policy debate around cyber security and related issues.

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