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Securing the Digital Economy: Reinventing the Internet

Securing the digital economy does not fall on the individual, but instead relies on the ability of leaders to work collectively to forge digital trust.

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Securing the Digital Economy: Reinventing the Internet

  1. 1. SECURING THE DIGITAL ECONOMYReinventing the Internet for Trust
  2. 2. Internet Today: We Are More Dependent… But More Concerned Businesses, Individuals and Societies Are Increasingly Dependent on Internet… Source: See note for references Individuals Businesses Societies
  3. 3. … But Only 30% Are Very Confident in the Internet and This Drops to 25% in 5 Years “How confident are you in the security of the Internet for your business?” (N=1,700)
  4. 4. Why the Internet is Under Pressure Internet Today Authentication is getting harder, as no individual has just one single identity in the digital world. 3. Identity and Data Veracity The global spread of data localization laws can depress economic activity across all industries. 4. Digital Fragmentation Internet Security was designed to prevent physical failures, not attacks. 1. Inherent Flaws More end-points and more Internet connected devices to protect expands the surface area of attack. 2. The IoT Effect
  5. 5. The Risk to the Digital Economy and Society is High Risk for the Society With computers and networks so deeply embedded in most critical infrastructures, the risks are becoming extremely high. Cybercrime threatens not only many of the benefits we have realized, but also our health and societal safety. Risk for the Economy (Value at Risk* due to direct and indirect attacks, Cumulative 2019-2023, $Bn) * Expected foregone revenue cumulative over the next 5 years. Calculations over a sample of 4,700 global public companies* Source: Accenture Research $5.2Tr 23% 77% Direct attacks Indirect attacks
  6. 6. How CEOs Can Help Fix the Internet Where business decisions on standards and best practices in companies and across ecosystems are made. ABOVE GROUND: BELOW GROUND: Where new technologies and innovations to secure the Internet can advance businesses and enhance digital safety. Governance: Join Forces with Other Companies and Govern Globally 75% No one organization can solve the cybersecurity challenges of the Internet economy on its own; it will require an organized group effort. Business Architecture: Connect and Protect with a Business Model that Runs on Digital Trust 80% Protecting companies from weaknesses in third parties is increasingly difficult given the complexity of today’s sprawling Internet ecosystems. Technology: Advance Businesses and Enhance Safety Through Technologies 79% The rate of adoption and innovation has outpaced the security features needed to ensure a resilient cyber economy. Source: Accenture
  8. 8. Governance Join Forces with Other Companies and Govern Globally Promote a formal educational system able to train software professionals to deal their new technical and ethical responsibilities. 1. Create an Internet security code of ethical conduct for each industry. Lead discussions seeking to design security standards for devices, data, algorithms, networks, and protocols (especially CEOs of technology companies). 2. Be proactive with principle-based standards for Internet security. Participate fully in the debates that are already starting to take place as regulators discuss how countries and regions must protect people’s digital identities. 3. Promote consumer- controlled digital identities. Accept the short–term costs of transparency and work with institutions and other companies to better understand how to prevent new attacks. 4. Commit to sharing information about cyberattacks; help reduce stigma.
  9. 9. Business Architecture Connect and Protect with a Business Model That Runs on Digital Trust Manage the trade-off between time to market and ensuring secure sustainable growth through technology, and always choose secure growth. 1. Prioritize security by design. Align the individual, short- term incentives of business line managers to the longer- term cybersecurity interests of the company (e.g. adjusting rewarding system). 2. Make line-of-business leaders accountable for security. Educate fellow board members, helping them become more cyber-savvy and better risk managers. 3. Bring a CISO to the board. It is in the interest of large organizations to help smaller business partners operate in a trustworthy digital environment and help to facilitate the same levels of security. 4. Protect the entire value chain.
  10. 10. BELOW GROUND
  11. 11. Technology Advance Businesses and Enhance Safety Through Technologies Invest in and demand the adoption of new Internet protocols as they only produce benefits if enough networks commit to them. 1. Campaign to resolve vulnerabilities in basic Internet protocols. Ensure that software security and update functions are embedded in “edge” devices—such as mobiles and IoT devices—from initial design. 2. Heighten security at the “edge.” Make network environments dynamic, so that they exist only for the time needed to complete a specific task, making them almost impossible to attack. 3. Embrace the advantages of Software Defined Networking. Keep the evolution of quantum computing on the radar to make IT systems quantum- ready as soon as the technology allows. 4. Tackle the question of quantum.
  12. 12. Reinventing the Internet for Trust CEO Engagement is Needed to Reinvent the Internet 90% of C-levels believe a trustworthy digital economy is very or extremely critical to their future growth. Benefits for Businesses Individuals Society