Global cyber body launched to tackle $445 billion online security threat

LONDON: The Global Center for Cybersecurity was launched at the World Economic Forum in Davos on Wednesday as governments and corporations respond to the growing threat of online attacks estimated to cost $445 billion a year.

The new body will strengthen cyber resilience and establish an independent library of best practices with the aim of identifying different attack scenarios.

The center will be located in Geneva and become operational in March, WEF Managing Director Alois Zwinggi told a press conference on Wednesday morning.

The new body also aims to help regions that are less “cyber developed” in developing new strategies to protect critical infrastructure.

Cyber security has emerged as an increasingly important theme in recent WEF gatherings as companies play catch-up in trying to protect their computer systems from being hacked.

One of the exhibits at this year’s event, which started on Monday, is a 12-minute excerpt from a virtual reality production called “Zero Days VR,” which is based on a 2016 documentary made by Alex Gibney about cyber warfare and the “Stuxnet” virus.

Zwinggi said that cyberattack preparedness needed to become as commonplace as fire drills in companies as the frequency and sophistication of attacks increases.

“Organizations are increasingly aware that they have to prepare their boards and senior management just as they have in the past on other business risks,” he said.

The rise of the Internet of Things, or web-connected devices, is a particular worry for corporations and is thought to be creating more cyber vulnerabilities.

“Often in the Middle East, organizations try to address their cybersecurity issues by buying the latest technology or implementing the best standards, but unfortunately that doesn’t work on its own,” said Wael Fattouh, PwC Middle East partner, cyber and technology risk, in a report released in November.

“Effective security must be achieved by smart and effective investments in people, processes and technology together.

“That is the only way to ensure a proper and resilient level of protection.”