World Economic Forum: Uncovering Cyber ​​Resilience

Since the beginning of 2020, the World Economic Forum’s Global Risks Report has highlighted cyber risk as one of the top priorities for organizations, and the threat continues to grow.

The challenge is dynamic. The evolution of the digital environment and infrastructure, driven by disrupted connectivity and emerging technologies, has greatly complicated the threat landscape and the cyber risks organizations face. Recognizing that individuals and organizations cannot prevent all malicious attacks or cyber failures, while embracing the opportunities presented by digitalization, has led to an increase in cyber resilience.

Digital transformation continues to reshape and evolve businesses and governments. An organization’s primary goals are often supported by business processes that rely heavily on digital technologies, often without any analog alternatives. While primary goals and objectives vary between organizations, they always include protecting critical service delivery, stakeholder confidence, and key assets that underpin value and market position. Achieving true cyber resilience is fundamentally a leadership issue and is critical to preserving shareholder value.

The report is the result of a collaboration between the World Economic Forum, the Oxford University’s Global Cybersecurity Competence Centre and a working group of industry cyber leaders. They came together to analyse cyber resilience and provide a broader strategic definition that considers a range of risk scenarios that are critical to an organisation’s key objectives. These risks include supply chain disruptions, attacks on trust and reputation, and legal liabilities from data breaches.

Organizations must be prepared for major cyber incidents. Continuous investment in cyber resilience capabilities enables organizations to maintain their primary objective in the face of cyber attacks and other cyber incidents, ensuring their growth potential is not compromised. This requires ensuring the ability to resume operations, mitigate the impact on internal and external stakeholders, restore financial and trading performance, protect tangible and intangible assets, and unlock new growth potential.

Enterprises need to develop adaptable strategies and share insights with industry peers to cope with complex network environments. Proactive collaboration and continuous learning will play a vital role in providing network resilience.

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