What will it take to combat global cybercrime?

World Economic Forum global cybercrime group discusses implementing cybercrime project recommendations.

This week’s theme for National Cyber Security Awareness Month is “Recognizing and Combating Cybercrime,” an issue we must examine at the global level.

In a previous blog, I noted that cybercrime results in more than $440 billion being stolen from the world economy on an annual basis. Cybercrime continues to grow at an exponential rate.

Given the vast range of threats and malicious actors, as well as the growth in the number of connected devices worldwide, addressing cybercrime will require stronger partnerships between industry and government.

WEF Cybercrime Project progress to date

Establishing an effective framework for these partnerships is the goal of the World Economic Forum (WEF) Cybercrime Project. The WEF Cybercrime Project has brought together experts from industry, government, law enforcement and academia to scope out the risks, challenges and opportunities associated with cybercrime, and to make recommendations for businesses, policy makers and law enforcement organizations to address this critical issue.

In January 2016, at the WEF Annual Davos meeting, the Cybercrime Project announced a set of five recommendations:

  1. Public and private sectors should share more information related to cyber threats, vulnerabilities and consequences;
  2. Public and private sectors should work to create new platforms, strengthen existing platforms, and coordinate these platforms to increase information-sharing and improve investigations and prosecutions;
  3. Public and private sectors should cooperate to encourage and advance wider adoption of the Budapest Convention on Cybercrime, or, of the principles it promotes;
  4. Public and private sectors should work to build trust and discuss contentious topics related to cybercrime, such as encryption, cloud servers, data access and protection of privacy, to find appropriate solutions; and
  5. Public and private sectors can engage in other initiatives aimed at reducing cybercrime.

 

Leading global officials from government, industry and law enforcement have signed on to these recommendations, committing to play an active role in developing and implementing these partnerships.

CA Technologies supports the Recommendations and CA CEO Mike Gregoire is one of the signatories to the Recommendations.

Implementing cybercrime public and private partnerships

Last week, I had the opportunity to work with other members of the WEF Cybercrime Project to begin to map out implementation strategies for the first two recommendations, focused on developing and strengthening cyber information sharing platforms.

CA has been an active stakeholder in the implementation of US-based cyber information sharing platforms.  While these continue to grow in stature and effectiveness, we recognize that cybercrime is a global phenomenon and combatting it ultimately requires a global approach.

Building trust will be a key component to enabling the effectiveness of information sharing platforms.  This trust will depend on both interpersonal relationships and on the security of underlying technology to enable these information sharing programs.

Stressing the importance of authentication and privacy protections

From CA’s perspective, there are several key “must-dos” in any information sharing program:

  • Authenticate information sharing program participants.
  • Ensure the integrity of data that is shared amongst partners.
  • Continue to develop automated information sharing mechanisms to prioritize our defenses and mitigate against attacks in as close to real time as possible.
  • Protect the privacy of individuals not directly associated with cyber threats in order to maintain public trust in these programs.

 

We look forward to continue working with the WEF Cybercrime Project and to developing a set of actionable implementation principles to put the Recommendations into practice.

What are your thoughts on effective means to combat global cybercrime?  I welcome you to comment below.


As director of global government relations for CA Technologies, Jamie manages cyber security and Internet…

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