Cyberattacks and data fraud are considered the most likely technological risks of COVID-19 for the world, and the third of greatest concern overall owing to abrupt adoption of new working patterns, the World Economic Forum (WEF) has noted.
To support business leaders responsible for reinforcing the cyber resilience of their organizations in an unforeseen, instantaneous new reality, the World Economic Forum has launched The Cybersecurity Leadership Principles: Lessons learned during the COVID-19 pandemic to prepare for the new normal.
One of the conclusions the Forum has come to is that leaders and organizations around the world are pressured to adapt business models faster than anyone was prepared for, to ensure existential survival.
The principles provide a framework for responsible decision-making and action in this crucial period to help organizations balance short-term goals with medium- to longer-term imperatives.
To bolster cyber resilience and secure operations, business leaders are urged to foster a culture of cyber resilience and focus on protecting the organization’s critical assets and services. Apart from balancing risk-informed decisions during the crisis and beyond, business leader should update and practice response and business continuity plans as the business transitions to the “new normal” and strengthen ecosystem-wide collaboration.
“Due to COVID-19, businesses must accelerate their digital transformation to harness the benefits while striking a balance between agility, scalability, efficiency, profitability, and cybersecurity,” said Georges De Moura, Head of Industry Solutions, Centre for Cybersecurity, World Economic Forum.
“The confluence of these disruptive forces is impacting critical functions and industry ecosystems globally,” said De Moura.