Report highlights responsibility of CEOs for cyber security

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The report, in particular, 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 hyper-connected 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 of 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.? The report encouraged 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 of BT Group. The report underscored the need to create a trusted multi-stakeholder 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. ?Cyber resilience is an essential part of good corporate governance,? said Jolyon Barker, managing director for Global Technology for media and telecommunications at Deloitte Touche Tohmatsu Limited. ?Cyber resilience needs to become part of every organization?s culture ? it is not a line item in your risk strategy.? The report makes a number of key recommendations for the private and public sectors:

1. Join the “Partnering for Cyber Resilience” initiative 2. Commit to the Principles for Cyber Resilience and develop a pervasive culture of cyber awareness and resilience 3. Build a flexible, harmonized international criminal justice capabilities framework 4. Develop robust and sustainable public-private partnerships for a resilient cyber environment based on clear and mutually agreed assignment of roles and responsibilities and the principle of accountability

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