Deloitte warns cyber security needs to be top priority for CEOs

Hyperconnectivity and the evolution in cyber attacks require CEOs to take ownership of cyber risk management, according to a new report launched by the World Economic Forum developed in collaboration with Deloitte.

According to the report, “Risk and responsibility in a hyperconnected world – pathways to global cyber resilience”, hyperconnectivity is drastically changing the way businesses and governments interact, demanding a renewed examination of roles and responsibilities. The report encourages chief executives to commit to a basic set of principles for cyber resilience and to take the initiative to improve cyber resilience.

Recognising the interdependence of private and public sector organisations in the global hyperconnected environment and Deloitte member firms’ role in contributing to cyber risk mitigation at a global level, Deloitte Touche Tohmatsu Limited CEO Barry Salzberg has joined a group of CEOs who have committed to the principles.

“The impact of hyperconnectivity requires attention from the highest echelons of the corporate world,” says Jolyon Barker, managing director, global technology, media and telecommunications, Deloitte Touche Tohmatsu Limited. “It is imperative for chief executives and boards to protect their enterprises from cyber risks and incorporate cyber security and resilience into their everyday decision-making processes.”

Deloitte has been working with the World Economic Forum over the past year on the risk and responsibility in a hyperconnected world project to identify and address emerging global systemic risks arising from the increasing connectivity of people, processes and objects.

“Being connected is the new normal,” says Alan Marcus, senior director, head of IT and telecom industries for the World Economic Forum USA. “As new business models develop and non-traditional sectors are integrated into the hyperconnected world, the question of responsibility and ownership becomes critical for the viability and stability of the entire digital ecosystem. Building a common understanding of rights and responsibilities is therefore essential.”

Ashraf Fahmy, Malta’s Leader for Enterprise Risk Services went on to say that it is very important for CEOs, heads of IT, CIOs, CISOs and corporate security officers to realise that the prevalence and sophistication of recent cyber-attacks on public and private organisations highlights a number of capabilities that are essential to cyber security.

He advised: “Defend your organisation against successful cyber attacks by continuing to invest in enhancing and maintaining controls that protect your digital assets;

“Prepare your organisation to effectively manage cyber risks by ensuring it has the right governance structures in place to enhance and maintain its preventative and detective security capabilities;

“Leverage the wealth of threat intelligence that is available to ensure you are aware of the internal and external threats to your organisation and can pro-actively mitigate them.”

In anticipation of a successful cyber-attack, firms must ensure they have the ability to rapidly respond to an incident to limit impact.”