25 June 2020, LONDON – While cybersecurity may not seem the most urgent priority for entrepreneurs and their start-up business ventures, increasing the emphasis placed on cybersecurity reaps rewards as the business matures. This is the key message from cyber risk analytics expert CyberCube in its contribution to a new World Economic Forum report published today.
The report Incentivising Responsible and Secure Innovation: A Framework for Investors and Entrepreneurs focuses on incentivising secure and responsible innovation during this period of rapid technological change and high consumer demand for internet-connected products. According to the report, “digital technologies are introducing new vulnerabilities faster than they can be secured and the prospect of curbing cyberattacks diminishes with each additional unsecured technology”.
In its submission to the World Economic Forum, CyberCube noted that many start-ups are hindered from developing strong cybersecurity cultures because of the competing pressures of product development and rapid workforce expansion. To counter this, cybersecurity needs to be prioritised and embedded in the business from the get-go.
Ajay Garg, CyberCube’s Head of Engineering, said: “Security belongs to everyone in an organisation, not just the security team. Everyone handles data and uses passwords so they all have a part to play. Even in their earliest stages, businesses increasingly need to establish a security culture and reinforce it through small, attainable goals.”
Other useful techniques identified by CyberCube for instilling a security mindset include managers leading by example; thinking creatively to make the topic engaging for staff and focusing on raising employee awareness of the issues.
Pascal Millaire, CyberCube’s CEO said: “Too often, cybersecurity is viewed only as an information technology issue for which only IT professionals are responsible. The cyber essentials framework promoted by the World Economic Forum reframes cybersecurity into a strategic business challenge transcending across organizational, product and governance issues for all entrepreneurs, innovators and their investors.”
Pascal Millaire attended Davos in January 2020 as part of CyberCube’s position as a World Economic Forum Technology Pioneer.
The World Economic Forum’s report Incentivising Responsible and Secure Innovation: A Framework for Investors and Entrepreneurs is available from the Forum’s website at www.weforum.org.
ENDS
About CyberCube
CyberCube delivers the world’s leading cyber risk analytics for the insurance industry. With best-in-class data access and advanced multi-disciplinary analytics, the company’s Software-as-a-Service platform helps (re)insurance organizations make better decisions when advising clients on the financial impact of cyber risk, underwriting individual risks or managing cyber risk aggregation. CyberCube’s enterprise intelligence layer provides insights on millions of companies globally and includes modeling on thousands of points of technology failure.
The CyberCube platform was established in 2015 within Symantec and now operates as a standalone company exclusively focused on the (re)insurance industry, with access to an unparalleled ecosystem of data partners and backing from ForgePoint Capital, HSCM Bermuda, MTech Capital and individuals from Stone Point Capital. For more information, please visit www.cybcube.com or email info@cybcube.com
