According to the report, there is a need to raise the profile of cyber risk with corporate boards and chief executives, so that they are incorporated into ongoing decision-making processes.
The report makes a number of key recommendations for the private and public sectors namely urge them to join the Partnering for Cyber Resilience Initiative launched last January, commit to the principles for cyber resilience and develop a pervasive culture of cyber awareness and resilience, build a flexible, harmonized international criminal justice capabilities framework and develop robust and sustainable public-private partnerships for a resilient cyber environment based on clear and mutually agreed assignment of roles and responsibilities and the principle of accountability.
"Today`s hyper-connected world offers many benefits. However, it also creates new cyber security risks, gives us less time to react and requires new levels of cooperation at a global level," said William E. McCracken, Chief Executive Officer of CA Technologies.
Privacy, national security, innovation and economic conditions must all be considered, which is only possible through ongoing collaboration between businesses, governments and society-at-large, he added.
Meanwhile, Ian Livingston, Chief Executive Officer of BT Group, said the Partnering for Cyber Resilience Initiative offers a common set of principles, raising business standards and shifting mindsets from just securing perimeters to a focus on interdependence and resilience.
"By committing to these principles, we can demonstrate leadership, accountability and best practice corporate governance in a digital world," he said.
Apart from giving recommendation, the World Economic Forum`s report underscores the need to create a trusted multistakeholder dialogue between private and public actors. The World Economic Forum proposes that organizations taking part in this initiative become trusted business partners in the policy debate around cyber security and related issues.
"The hyper-connected world is borderless, so policy alignment is of paramount importance both within and across borders, to make the criminal justice system more effective in dealing with cyber crime," said Alan Marcus, Senior Director, Head of Information Technology and Telecommunications Industries, World Economic Forum USA.
"In addition to private sector accountability, improving and standardizing criminal justice capabilities provides the platform for trusted private-public partnerships," he added.