The World Economic Forum (WEF) published on July 14 a document on cyber-resilience in which it presents the Cyber-resilience Framework (CRF) and the Cyber-resilience Index (CRI) of the organization. The document, prepared in collaboration with the professional services company, Accenture, is the continuation of the Global Cybersecurity Outlook, published in January.
The Global Cybersecurity Outlook found that only 55% of cyber leaders considered cyber resilience to be integrated into enterprise risk management strategies. In response, the sector-independent CRF considered existing frameworks to establish six principles with associated best practices and sub-practices. These, in turn, provided 64 performance measures that inform the CRI.
“The working group to develop the IRC brought together more than 50 executives from the public and private sectors and worked for a year,” the director of the WEF Cybersecurity Center, Algirde Pipikaite, told Cointelegraph via email. “We organized eight workshops, individual consultations and collected written comments from the community.”
The document highlighted the interdependence of risks in the Fourth Industrial Revolution, a name given by the founder of the FEM, KlausSchwab, to the changes brought about by new technological advances. In it it was stated:
“The Fourth Industrial Revolution means that systemic interdependence is both the risk and the reward of opportunity, because the value and impact in the future is exponential rather than cumulative, and every day counts.”
The WEF estimates that the Fourth Industrial Revolution will create USD 100 trillion of additional value for the world economy in 2025.
“We anticipate that the CRI will be widely accepted by the industry and the first pilot is currently underway with the oil and gas community,” Pipikaite said.
The next steps to increase cyber-resilience, according to the paper, are to establish common cyber-resilience performance indicators, measure causality and correlation within and between ecosystems, and calculate centrality to determine whether some members of have more weight in the resilience of the ecosystem, and how.
Other organizations have also addressed resilience issues, such as Atlantic Council and the International Monetary Fund.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Keep reading:
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.