World Economic Forum, National Association of Corporate Directors, and Internet Security Alliance To Collaborate On Global Cyber Principles For Boards Of Directors

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World Economic Forum

Losses Mount for Organizations as Cyberattacks Increase Around the World

The World Economic Forum (the Forum), the National Association of Corporate Directors (NACD,) and the Internet Security Alliance (ISA) today announced a collaborative effort to provide new guidance for directors to effectively oversee cyber risk for their organizations.

The collaborative effort is inspired in part by the World Economic Forum’s 2020 Global Risk Report, which found that cyberattacks are one of the top risks any organization faces and flagged that by 2021, $6 trillion will be lost to cybercrime, according to Cybersecurity Ventures. Compounding the risks and losses is the acceleration of digitalization due to the coronavirus pandemic.

The three organizations will begin the collaboration by developing a set of principles that boards of directors can use to assess the cyber-risk management processes their organizations need to follow. The new principles will be an update on the efforts that the Forum, NACD, and ISA have undertaken over the past several years, designed to meet rapid changes in the cybersecurity landscape. Once the new global principles are established, the collaborators will embark on determining how best to measure security outcomes to address the ever-evolving cyber threat.

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Speaking for the Forum, Daniel Dobrygowski, head of Corporate Governance and Trust, said, “We need effective collaboration and strategic vision to ensure cyber resilience and protect trust between all stakeholders. By joining the long-running initiatives at NACD and ISA together with the Forum’s groundbreaking cyber resilience programs, we will empower leaders with the knowledge necessary to improve cyber resilience and cyber-risk governance globally.”

“It is essential to equip directors with the latest and most effective strategies to oversee and protect their organizations from cyber threats,” said Peter R. Gleason, CEO of NACD. “The World Economic Forum will be an important ally as we seek to build on the foundational work NACD and ISA have done over the last six years.”

ISA President Larry Clinton added, “With WEF, NACD, and ISA coming together and identifying a unified set of principles, we take an important step in addressing the growing cyber risks organizations face. The second initiative—developing outcome security metrics based on the principles—is potentially even more important, as we will enable organizations to empirically measure the effectiveness of following these principles based on actual security outcomes and not just compliance requirements. That will be an important step toward forwarding overall cybersecurity.”