The proposed framework comes at a time when cyber attacks are increasing dramatically, and over 90 per cent of companies worldwide have recognised that they are insufficiently prepared when it comes to protecting themselves against them.
“Continuous cyber attacks on global organisations are showing that we are at a crossroads. The same technologies many organisations have become so dependent on can also threaten their very core,” said Alan Marcus, senior director of information and communication technology industries at the World Economic Forum (WEF).
“This is why we are launching a Future of the Internet initiative in Davos, including this critical cyber value-at-risk framework.”
It is part of a new report - Partnering for Cyber Resilience: Towards the Quantification of Cyber Threats, created by professional services firm, Deloitte as well as 50 other organisations from around the world.
Jacques Buith, managing partner at Deloitte Risk Services, added, “We are proud to have been given the opportunity to work alongside the World Economic Forum on a framework to quantify cyber-risks.”
“The World Economic Forum’s network enables as many organisations as possible to use these insights to protect their organisations against cyber attacks and provide for a safer digital world,” he said.
The report, which is set to be discussed during the WEF Annual Meeting 2015, is meant to help organisations make better decisions about investment in cybersecurity, develop risk management strategies and stimulate the development of global risk transfer markets.
“The framework helps organisations address questions such as how vulnerable they are to cyber threats, how valuable the key assets at stake are, and who might be targeting them,” said WEF in a statement.