THE BUSINESS OF INTERNATIONAL TRADE
THE BUSINESS OF INTERNATIONAL TRADE
As damage related to cybercrime is projected to hit $6 trillion annually by the end of 2021, businesses, policymakers and users are struggling to keep up with rapidly evolving online threats, says the International Chamber of Commerce (ICC).
The ICC stresses that today, cybercrime impacts all businesses regardless of size, industry or geographical location, and that around 50% of all cyber attacks are being committed against small and medium-sized enterprises (SMEs).
To help businesses of all kinds, ICC has issued a Policy Primer on Cybersecurity document. After an overview of the impact of cyber threats on business, its main themes are -
Current challenges in cybersecurity including a lack of common understanding of cybersecurity threats and concepts; a lack of common and effective interpretation of norms and laws; deficiencies in capacity and confidence-building measures; and the chilling effect of disproportionate regulatory responses.
Responses to cybersecurity challenges, which include: conceptualising cyber threats, actors and responses; developing and implementing shared norms; enhancing capacity building; and cybersecurity applications and standards.
These are things that all businesses should be considering right now. To find out more about what ICC is doing and what it recommends, you can read the full document here.
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