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Securing the Digital Economy: Reinventing the Internet

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The document discusses how the internet is under increasing pressure due to inherent flaws in its design and security, the growing number of internet-connected devices, and challenges to digital identity and data veracity. It notes that while individuals, businesses, and societies are increasingly dependent on the internet, confidence in internet security is declining. To address these issues, the document outlines three areas for CEO engagement: joining forces with other companies to establish governance and standards; committing to a business model based on digital trust; and progressing and preparing internet infrastructure through technology investments.

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SECURING THE DIGITAL ECONOMYReinventing the Internet for Trust
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
… 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)
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
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 5,640 global public companies* Source: Accenture Research $5.2Tr 23% 77% Direct attacks Indirect attacks
How CEOs Can Help Fix the Internet Standards and Best Practices ABOVE GROUND: BELOW GROUND: Technology Investments Governance: Join Forces with Other Companies 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: Commit to 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: Progress and Prepare 79% The rate of adoption and innovation has outpaced the security features needed to ensure a resilient cyber economy. Source: Accenture
ABOVE GROUND: BUSINESS INITIATIVES
Governance Join Forces with Other Companies 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. Design 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 identity adoption to increase trust. 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 and data breaches.
Business Architecture Commit to 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. Articulate a security by design vision. 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. Hold line-of-business leaders accountable for security. Educate fellow board members, helping them become more cyber-savvy and better risk managers. 3. Bring the 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. Close off areas of exposure in the company’s value chain.
BELOW GROUND: INTERNET INFRASTRUCTURE
Technology Progress and Prepare Invest in and demand the adoption of new Internet protocols as they only produce benefits if enough networks commit to them. 1. 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. Strengthen 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 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 quantum challenge.
THREE CONCRETE AREAS OF ACTION FOR CEOs
Accept the short–term costs of transparency and work with institutions and other companies to better understand how to prevent new attacks. Join Forces with Other Companies and Govern Globally Governance Create an Internet security code of ethical conduct for each industry: Design 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. Promote a formal educational system able to train software professionals to deal with their new technical and ethical responsibilities. Lead discussions seeking to design security standards for devices, data, algorithms, networks, and protocols (especially CEOs of technology companies). Promote consumer-controlled digital identity adoption to increase trust: Commit to sharing information about cyberattacks and data breaches:
Business Architecture 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. Connect and Protect with a Model Run on Digital Trust Manage the trade-off between time to market and ensuring secure sustainable growth through technology, and always choose secure growth. Align the individual, short-term incentives of business line managers to the longer- term cybersecurity interests of the company (e.g. adjusting remunerations). Educate fellow board members, helping them become more cyber-savvy and better risk managers. Articulate a Security by Design Vision: Hold Line of Business Leaders Accountable for Security: Bring CISOs to the Board: Close off Areas of Exposure in the Company’s Value Chain:
Technology Keep the evolution of quantum computing on the radar and be ready to make IT systems quantum-ready as soon as the technology allows. Advance Business and Enhance Safety Invest in and demand the adoption of new Internet protocols as they only produce benefits if enough networks commit to them. Ensure that software security and update functions are embedded in “edge” devices—such as mobiles and IoT devices—from initial design. Dynamic network environments only exist for a limited time to complete a specific task making them almost impossible to attack. Resolve Vulnerabilities in Basic Internet Protocols: Strengthen Security at the “Edge”: Embrace Software-Defined Networking: Tackle the Quantum Challenge:
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

More Related Content

Securing the Digital Economy: Reinventing the Internet

  • 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. … 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. 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. 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 5,640 global public companies* Source: Accenture Research $5.2Tr 23% 77% Direct attacks Indirect attacks
  • 6. How CEOs Can Help Fix the Internet Standards and Best Practices ABOVE GROUND: BELOW GROUND: Technology Investments Governance: Join Forces with Other Companies 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: Commit to 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: Progress and Prepare 79% The rate of adoption and innovation has outpaced the security features needed to ensure a resilient cyber economy. Source: Accenture
  • 8. Governance Join Forces with Other Companies 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. Design 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 identity adoption to increase trust. 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 and data breaches.
  • 9. Business Architecture Commit to 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. Articulate a security by design vision. 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. Hold line-of-business leaders accountable for security. Educate fellow board members, helping them become more cyber-savvy and better risk managers. 3. Bring the 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. Close off areas of exposure in the company’s value chain.
  • 11. Technology Progress and Prepare Invest in and demand the adoption of new Internet protocols as they only produce benefits if enough networks commit to them. 1. 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. Strengthen 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 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 quantum challenge.
  • 12. THREE CONCRETE AREAS OF ACTION FOR CEOs
  • 13. Accept the short–term costs of transparency and work with institutions and other companies to better understand how to prevent new attacks. Join Forces with Other Companies and Govern Globally Governance Create an Internet security code of ethical conduct for each industry: Design 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. Promote a formal educational system able to train software professionals to deal with their new technical and ethical responsibilities. Lead discussions seeking to design security standards for devices, data, algorithms, networks, and protocols (especially CEOs of technology companies). Promote consumer-controlled digital identity adoption to increase trust: Commit to sharing information about cyberattacks and data breaches:
  • 14. Business Architecture 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. Connect and Protect with a Model Run on Digital Trust Manage the trade-off between time to market and ensuring secure sustainable growth through technology, and always choose secure growth. Align the individual, short-term incentives of business line managers to the longer- term cybersecurity interests of the company (e.g. adjusting remunerations). Educate fellow board members, helping them become more cyber-savvy and better risk managers. Articulate a Security by Design Vision: Hold Line of Business Leaders Accountable for Security: Bring CISOs to the Board: Close off Areas of Exposure in the Company’s Value Chain:
  • 15. Technology Keep the evolution of quantum computing on the radar and be ready to make IT systems quantum-ready as soon as the technology allows. Advance Business and Enhance Safety Invest in and demand the adoption of new Internet protocols as they only produce benefits if enough networks commit to them. Ensure that software security and update functions are embedded in “edge” devices—such as mobiles and IoT devices—from initial design. Dynamic network environments only exist for a limited time to complete a specific task making them almost impossible to attack. Resolve Vulnerabilities in Basic Internet Protocols: Strengthen Security at the “Edge”: Embrace Software-Defined Networking: Tackle the Quantum Challenge:
  • 16. 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