Quantifying Systemic Cyber Risk

Report on the “Connectedness in Cyber Risk” Workshop

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White Paper

The World Economic Forum recognizes that the risks, rewards and governance of the networked economy are core issues of the global agenda and fundamental for sustainable growth and stability. Additionally, it recognizes that only a coordinated approach will ensure that new opportunities for growth are fully leveraged and risks managed. Related to the networked economy, the Forum has placed emphasis on investigating cybersecurity in this connected world. At the 2015 World Economic Forum meeting, there was a discussion about quantifying the risk around cybersecurity in order to understand the exposure to the global economy if a cyberattack occurs. The Global Cyber Risk Quantification Network (GCRQN), an extension of the Partnering for Cyber Resilience work group, was formed to further investigate the quantification of cyber risk. The GCRQN consists of representatives from government, academia and industry. At the second annual meeting held on May 11–12, 2017, the GCRQN focused on the topic of connectedness in cyber risk. The group shared experiences and insights on the latest in risk quantification methodology as it relates to economics, policy making, risk management and society. This report summarizes the perspectives shared by the GCRQN participants.
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