Last year, we published a white paper recommending stakeholders improve cybersecurity and foster innovation by drawing upon time-tested principles from sustainability management. The paper observed that transitioning to a sustainable approach to cybersecurity embraces the principles of shared responsibility and collective action, frames business costs associated with improved security as an investment in the internet ecosystem, encourages broad adoption of risk-management practices, and supports consumer engagement.
Constant cyber hacks and distributed denial-of-service (DDoS) attacks have unfortunately become the new normal in today’s internet-connected society. We’re not even a third of the way through 2018, and already dozens of data breaches and attacks have occurred, including hackers recently stealing information associated with nearly 900,000 credit cards used by Orbitz customers and more than 5 million credit and debit cards used at Saks Fifth Avenue, Saks Off Fifth, and Lord & Taylor stores. This unrelenting onslaught has significantly eroded consumer trust in the broad ecosystem of information and communications technologies (ICTs). The growing distrust risks a calamity of public confidence that could undermine both our economy and democracy, creating a ticking time bomb.