The cost to the global economy of cybercrime has been estimated at $445 billion a year. Companies need to have a strategy in place to prepare for when, not if, they are hit by a cyber-attack. Cybercrime has no boundaries or jurisdictional restrictions, hence collaboration is essential. For example, intelligence sharing can lead to opening all available channels to best understand the threat, and public-private partnerships broaden the tools available to deal with cyber-threats. Combatting cybercrime represents the greatest opportunity for collaboration between government and industry because all parties share the same interests in this field.
The World Economic Forum, through its Cybercrime Project, seeks to address this issue through public-private cooperation.
The volume of cyber-attacks is on the rise and will continue to increase. The consequences are grave and can result in reputational loss, material loss and litigation. Cyber-attackers are constantly inventing ways to execute their crimes and do so very quickly. Given the size and scope of multinationals and public organizations, preventing and dealing with attacks is a challenge.
Security, legal and industry experts need to be involved in the solution-finding process. After all, cyber-attackers readily share information among themselves, so the same approach must be taken in fighting them. The Forum Cybercrime Project seeks to create a unified and balanced approach between the public and private sectors, and deliver a set of common, implementable measures.
Many instruments dedicated to the fight against cybercrime already exist, including platforms for information sharing, private-industry standards and best practices. However, these tend to be industry-specific or regional at best. In addition, these tools are not exploited to their full potential due to lack of trust between the public and private sectors, and between companies.
The Forum provides a neutral platform for these parties to come together, discuss issues openly and exchange ideas to build cooperation and collaboration to combat cybercrime.
Through effective corporate engagement with law enforcement and through enhanced cooperation between law enforcement authorities, develop tools/techniques which allow for better assessment of the threat of cybercrime and, in order to reduce its damages, implement common measures in the fields of (i) identification/detection (ii) protection (iii) response and (iv) recovery.