International cyber security centre launched to prevent ‘digital dark age’

The world’s first global platform for businesses, governments and law enforcement agencies to collaborate on cyber security challenges was launched today at the World Economic Forum (WEF).

 

Wednesday 24

International cyber security centre launched to prevent ‘digital dark age’

The Global Centre for Cybersecurity will function as an autonomous organisation, allowing for information exchange, and the setting of international standards to counter digital crime.

 

It is estimated that the cost of cyberattacks to the global economy could rise by $500bn (£355bn) every year, with this risk identified by the WEF as one of top two biggest threats facing businesses this year.

 

“The new Global Centre for Cybersecurity is designed as the first platform to tackle today’s cyber risks in a truly global manner,” WEF managing director, Alois Zwinggi, said.

 

“If we want to prevent a digital dark age, we need to work harder to make sure the benefits and potential of the fourth industrial revolution are secure and safe for society.”

 

The centre intends to establish an independent library of cyber best practices and work towards an agile regulatory framework, while also acting as an early-warning think tank for future cyber security scenarios.

 

It is thought that this will be increasingly necessary as new technologies like artificial intelligence, the internet of things and robotics become more integrated into sensitive areas like finance and healthcare.

 

This comes after a survey of over 1,900 risk experts from 80 countries by Allianz found that cyber incidents are considered the second biggest threat by businesses globally this year.

 

The financial services firm said the potential for hackers to disrupt a large number of companies through common infrastructure dependencies is increasing.

 

Despite this, cyber incidents are ranked as the most underestimated risk for 2018, and are also though to have the potential to cause the greatest long-term damage.

 

“Every company has been, or will be impacted by cyber risk,” Allianz Global Corporate & Specialty UK CEO, Brian Kirwan, said. “Far from being over-hyped, the threat is under-appreciated and not always well understood.

 

“With an increase in the demand for cyber risk products, and in the volume of claims, it’s no surprise to see cyber as the top risk again for businesses in the UK.”

 

Most popular

  1. InsurTech considered top priority for global insurance industry

    Upgrading technology is the number one priority for insurers around the world, according to survey of senior executives by software provider AdvantageGo.

     

    Monday 21

    21 May 2018

  2. Growing digital skills gap found within insurance industry

    The insurance industry is increasingly struggling to find the right staff, with just one-quarter of workers in the sector prepared to use artificial intelligence (AI) systems.

     

    Wednesday 16

    16 May 2018

  3. Insurance firms face huge spike in data privacy requests

    Financial services companies are the most likely to be targeted for privacy requests following the introduction General Data Protection Regulation (GDPR) next month.

     

    Thursday 3

    03 May 2018

White paper

  • Quarterly InsurTech Briefing Q1 2017

    Why InsurTech? A Pressured Insurance Value Chain

    By Andrew Sagon, Andrew Johnston and Matthew Wong

    InsurTech is a burgeoning phenomenon that is modernising the insurance industry. It is disrupting the traditional value chain whereby insurers offer loss protection, and shifting the emphasis to risk mitigation. Incumbents face disintermediation as investors in search of higher yields pour money into insurance-linked instruments in the capital markets. And entrepreneurial businesses are targeting friction costs and inefficiencies within every aspect of the traditional value chain.

     

     

  • Insurance big data – float like a butterfly, sting like a bee

    Nimbleness and agility will unlock potential

    By Elinor Friedman, Andrew Harley and Klayton Southwood

    Recent Willis Towers Watson surveys in the U.S. have shown that P&C and life insurers in developed markets are taking seriously the potential of big data and predictive analytics to improve their businesses. Nimbleness and agility, rather than brute force, are likely to be key to realizing that potential.

    Download PDF

  • The new era of insurance analytics

    Driven by technology, toolkits and talent

    By Claudine Modlin and Graham Wright

    Advanced analytics is helping some insurers offer innovative products and solutions. What do insurers need to know about the changing nature of analytics and whether it is worth the investment? Claudine Modlin and Graham Wright discuss technology, toolkits and talent — topics that may help you decide.

    Download PDF

  • How can we manage the dynamic nature of cyber-risk?

    Risk transfer is part of a comprehensive solution

    By Adeola Adele, Patrick Kulesa, Kevin Madigan and Alice Underwood

    Given the dynamic nature of cyber-risk, taking a multidimensional approach that integrates board governance, technology solutions, behavioral change and risk transfer solutions can help reduce risk to a manageable level.

    Whitepaper Form