Dr Jean-Luc Vez, Head of Security at the World Economic Forum, discusses a new approach to regulation and recommendations for public-private partnerships that could help in the fight against the growing global problem of cybercrime.
Fighting crime is a shared interest of states, businesses and individuals alike. Given today’s technological advances, cybercrime is becoming more prominent. Experts estimate that the global cost of crime committed on the web amounts to more than US$400 billion annually (Net Losses: Estimating the Global Cost of Cybercrime, Center for Strategic and International Studies, McAfee 2014). Whereas the internet, financial flows and cybercrime operate globally, governance of the internet as well as the fight against cybercrime have remained local and face difficulty in being pursued across borders.
National bodies, regulators and regional structures such as special UN Agencies, the Commonwealth Secretariat and the Council of Europe, have recognised the problem and tried to take action by launching initiatives, negotiating international conventions and establishing national regulations to confront this immense challenge. Yet they have unfortunately been rapidly overwhelmed by the enormity of the task, given the speed of technological developments and the new types of crime coming into existence. So, although regulators have attempted to react, both law enforcement and the private sector (companies and individuals) continue to be confronted with new forms of damaging attacks and new tools allowing criminals to hide their activities…
Dr Jean-Luc Vez
Head of Security at the World Economic Forum