Global Business Risks: Davos debates Cybercrime

20 January 2016

With the glittering line up of heads of state, global business leaders and the odd celebrity or two meeting this week in Davos, for the World Economic Forum, one of the key themes under discussion is Cyber Security – identified as a major global business risk.  As part of this debate a high level panel focusing on Confronting Cybercrime is asking a number of key questions on how to establish a globally coherent policy to combat cybercrime and what the best legislative approach should be.

Debate is underway as to what the key priorities for business and government leaders working together to confront cybercrime are, and how to build public and private sector collaboration.

Reflecting the global nature of the issues the VIP line-up includes representatives of banks, industry and academia, alongside law enforcement both national (Bernard Hogan-Howe, Commissioner, New Scotland Yard, United Kingdom, and US Attorney General Loretta Lynch)  and cross-border (Jürgen Stock, Secretary-General, International Criminal Police Organization (INTERPOL), Rob Wainwright, Director of Europol and Michèle Coninsx, President of Eurojust), all taking part.

Additional sessions underlining the “Global Risk Imperative” highlight how with global business operating in “an increasingly complex ecosystem where risks are interdependent across sectors and stakeholders”, protecting critical infrastructure against cyber-threats and the development of systemic cyber risk management for business must be management priorities. This topics is being discussed under a session on “Designing for CyberResilience”.

With a recent UK government report estimating that cyber-crime cost the UK economy £27bn in 2015, it is clear that Cyber Security really issue a global business risk affecting both emerging markets and global players.  International co-operation will be key in preventing its escalation. 

Read more on the World Economic Forum Future of the Internet Initiative here

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