WEF introduces cyber resilience framework; index to increase organisational security
The World Economic Forum released a cyber security framework and suggestions for enhancing cyber resilience
By Shashank Bhardwaj
The World Economic Forum (WEF) introduced its Cyber Resilience Framework (CRF) and Cyber Resilience Index (CRI) in a whitepaper on cyber resilience released on Thursday. The report was written in partnership with the professional services firm Accenture. It comes after the Global Cybersecurity Outlook, which WEF released in January.
According to the Global Cybersecurity Outlook, only 55 percent of cyber leaders believed that company risk-management plans should incorporate cyber resilience. After considering current frameworks, the industry-neutral CRF developed six principles with corresponding best practices and sub-practices. Sixty-four performance measures were then offered under the CRI.
Algirde Pipikaite, lead at WEF Centre for Cybersecurity, has stated, "The working group to develop the CRI brought [together] more than 50 executives from [the] public and private sector and worked for a year." She also highlighted, "We hosted eight workshops, one-on-one consultations and gathered written feedback from the community."
The Fourth Industrial Revolution, as WEF founder Klaus Schwab calls the changes brought about by emerging technological breakthroughs, was highlighted in the white paper as having interdependent risk. It read:
"The Fourth Industrial Revolution means that systemic interdependence is both the risk and the reward of the opportunity, because value and impact on the future are exponential rather than cumulative, and every day counts." By 2025, the Fourth Industrial Revolution is expected to add $100 trillion to the global economy, according to the WEF estimates.
"We envision that the CRI will become widely accepted by the industry, and the first pilot is currently running with the Oil & Gas community," remarked Pipikaite. The paper concludes affirmatively by specifying work to be done in the future. As the CRI continues to scale and improve, much work is also needed to measure cyber resilience at the ecosystem level.
Among other factors, the WEF whitepaper mentioned three specific factors as prominent, namely:
- Establishing common indicators of eco-systemic cyber-resilience performance,
- Measuring the causation and correlation of resilience among multiple members of an ecosystem and between ecosystems across geographies and sectors.
- And calculate centrality to determine if and how members of an ecosystem carry greater weight and subsequently have more power than others to influence the resilience of the whole ecosystem positively and negatively."
Other institutions, such as the Atlantic Council and the International Monetary Fund, have also addressed resilience issues.
Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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CoinDCX raises over $135 million in fresh funding round, now worth $2 billionRead More..
Atari terminates blockchain joint venture with ICICB GroupRead More..
Monero's July hard fork confirmed by its communityRead More..
Backed by Shark Tank's Kevin O'Leary, WonderFi set to acquire Canadian exchange CoinberryRead More..
US Govt Links North Korea to Axie Infinity HackRead More..
Jack Dorsey's first tweet NFT resells for only $280Read More..
Opera crypto browser now available on iOSRead More..
Beanstalk Stablecoin protocol loses $182 million in governance exploitRead More..
Jack Dorsey vs. Vladimir Tenev on Bitcoin transaction feesRead More..
Ripple claims 'a very big win' in SEC caseRead More..
Argentinian town to invest in crypto mining to fight inflation, upgrade rail infraRead More..
Pantera Capital closing fundraise for its blockchain fund after raising $1.3 billionRead More..
Homegrown blockchain co Polygon commits to go carbon neutral this yearRead More..
NBA registers four NFT trademarksRead More..
US crypto expert jailed 63 months for helping North KoreaRead More..
Fortnite developer Epic Games raises $2 billion to build for the metaverseRead More..
Indian companies storm the metaverse and NFT spaceRead More..
Coinbase is producing a movie trilogy on Bored Ape NFTsRead More..
Multiple Indian Twitter accounts hacked, NFT content postedRead More..
German police shut down $1.3 billion illegal darknet firmRead More..
Meta tests sale of virtual goods in metaverseRead More..
Bitcoin 2022 Conference: Bitcoin Maximalists attack national currenciesRead More..
Binance Gets In-Principle Approval to Operate as Crypto Broker in Abu DhabiRead More..
EU limits Russians' crypto investments to 10k EurosRead More..
Coinbase suspends UPI payments in India three days after launchRead More..
From KFC to Tesla, Dell: Crypto-curious corporations struggle to find right recipeRead More..
In Texas, crypto miners turn to solar powerRead More..
South Africa concludes technical Proof-of-Concept for its CBDC settlement systemRead More..
Terra buys $200 million in AVAX for reservesRead More..
Bitcoin will remain as a standard: Chess world champion Garry KasparovRead More..
Coinbase launches in IndiaRead More..
Meta working on virtual money 'Zuck Bucks': reportRead More..
Germany closes Russian darknet marketplace HydraRead More..
Britain paves way to accept stablecoinRead More..
Crypto industry reels from $600 million hackRead More..
NFT of Nelson Mandela's arrest warrant auctioned for $130,000Read More..
Bank of England calls for tighter regulation of cryptocurrenciesRead More..
ECB's Lagarde 'concerned' about crypto use to dodge Russia sanctionsRead More..
Crypto provides fix for some in crisis-hit AfghanistanRead More..
Bitcoin to the rescue: Cryptocurrencies' role in UkraineRead More..
Digital art in spotlight as Dubai makes crypto hub bidRead More..
G7 looks to thwart cryptoassets use as Russian sanctions dodgeRead More..
Can cryptocurrencies give Russia, others breather from economic sanctions?Read More..
Cryptocurrencies enter Russia-Ukraine conflictRead More..
Russia seeks to regulate cryptocurrenciesRead More..
Donald Trump's NFT collection to laud his own presidencyRead More..