WEF Annual Meeting: failing to address cyber security could cost global economy $3 trillion

The World Economic Forum (WEF) Annual Meeting in Davos last week convened under the theme ‘The New Global Context’ to reflect “the period of profound political, economic, social and technological change that the world has entered, which has the potential to end the era of economic integration and international partnership that began in 1989”.

Reflecting that technological change, attention in Switzerland turned to cyber security. The BBC reports that while “the threat of corporate cyber attacks has been at the periphery of the WEF agenda for many years, 2015 is arguably the first year in which the issue is taking centre stage.”

WEF report

Global Risks 2015, a report published by the WEF to coincide with this year’s Annual Meeting, warns that failing to address cyber security issues could cost the global economy USD $3 trillion.

According to Fortune magazine, however, executives gathered in Davos were chary of investing in new technologies because of fears of cyber threats. “While companies have elaborate models to measure financial risks, and insurance products to help cover those risks, there have little ability to measure cyber risk, and little understanding of how to mitigate that risk.”

International cyber security best practice

Organisations that want to improve their security postures to mitigate proliferating cyber threats should implement an information security management system (ISMS), as set out in the international standard ISO 27001.

An ISMS is an enterprise-wide approach to information security management that addresses people, processes and technology. Organisations of all types, sizes, sectors or locations can implement an ISMS to help ensure the security of their corporate information, and accredited certification to the Standard is accepted the world over as a demonstration that international cyber security best practice is being followed.

ISO 27001 implementation resources for all

IT Governance’s fixed-price ISO 27001 Packaged Solutions provide ISMS implementation resources for all organisations concerned about information security whatever their global location, budget or preferred project approach.

January offer: order any of the ISO 27001 Packaged Solutions online before the end of January and get a 10% discount.

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