Digitalisation is driving growth and value creation across all industries, and reshaping markets, business models and value drivers for business. The World Economic Forum (WEF) predicts that over 60% of global GDP will be digitised by 2022, and two thirds of today’s markets will be dramatically changed or gone. While digital transformation has immense potential to create new business opportunities, unlock significant economic value and broader societal benefits, it can at the same time increase risk exposure and make organisations more vulnerable to digital breaches, data mismanagement and cyber attacks.
While we have, over the past decade, significantly expanded our understanding of how to build more secure and resilient digital networks and connected devices, board-level capabilities for strategic thinking and governance in the area of cyber resilience have failed to keep pace with the surge in and growing sophistication of cybercrime. It is imperative for boards to realise that all companies are now “tech companies” to some degree, regardless of the sector in which they operate.
Digitalisation and cyber strategy must rise on the board agenda as the opportunities, reputational and existential nature of associated risks are fundamental to the long-term viability of enterprises. Cyber resilience is no longer an aspiration, but a basic requirement for enterprises to operate in today’s digital economy. The accelerating pace of innovation and network connectivity has made board-level action absolutely urgent. The biggest challenge for boards is how to integrate cyber resilience into business strategy so that corporations can introduce innovative offerings and new business models securely, strengthen stakeholder trust, and contribute positively to a trusted, inclusive and sustainable digital economy.
Co-facilitated by Jan Damsgaard, Professor of Digitalisation at Copenhagen Business School and Troels Oerting, Chairman of the Board of WEF’s Global Centre for Cybersecurity, the following topics will be addressed in the forum through presentations, panel discussion and dialogue:
- The bigger picture on digital transformation
- Paradigm shift from industrial to digital age
- Cyber risks and cybercrime
- Turning cybersecurity from a threat into a business advantage
- Integrating cyber resilience into business strategy
- Building, restoring and retaining trust – key lessons from the SingHealth cyber attack
Jan Damsgaard is Professor of Digitalisation at Copenhagen Business School (CBS), Denmark. Under Jan´s leadership, CBS’ department of digitalisation became one of the largest in Europe and was ranked number 10 worldwide. Since 2014, Jan has been appointed a National Digital Advisor by the Danish Academy of Technical Sciences. He is a member of the Danish Government´s Disruption Council headed by the Danish Prime Minister, along with seven Cabinet Ministers and representatives from leading Danish institutions, trade unions and companies.
Jan's research focuses on the business aspects of digitalisation and disruption including platform economics, IoT, blockchain and digital business models. Prior to joining CBS, he has worked and done research in USA, China, Finland and Australia. Jan serves on the boards of several start-ups that are built around digital platforms and Internet technologies. He works closely with various Danish and global corporations on their digital strategies, among others Danske Bank, Velux, Viking and Singapore’s GIC. He holds a Ph.D. in Information Systems from Aalborg University, Denmark.
Troels Oerting is Chairman of the Board of WEF’s Global Centre for Cybersecurity. He holds several global board and advisory positions focusing on cybersecurity, privacy, integrity and innovation. He has a long track record as a thought leader and professional in the global cyber community and is the founding Head of WEF’s Centre for Cybersecurity (C4C).
Prior to joining WEF, he served four years as the Group Chief Information Security Officer (CISO) and Chief Security Offer (CSO) of Barclays Plc, managing a budget of GBP 300 million and several thousands staff around the globe. Before joining Barclays, he was the first Director of the Europol based European Centre for Cybersecurity (EC3), assisting law enforcement agencies from 28 EU member states prevent, protect, disrupt, investigate and prosecute in relation to actions from global cybercriminal networks. Prior to that, he was the Director of Operations at the Danish Security Intelligence Service - the Danish equivalent of MI5.
Board Chairs, CEOs, Executive Directors and Non-Executive Directors of publicly listed and privately-owned companies, family-owned businesses, government agencies, social enterprises, and not-for-profit organisations
I find this series very practical and extremely beneficial. I would recommend more board directors and senior executives attend this series to facilitate mutual understanding of perspectives between board and management.
Seah Choo Meng, Director, Mapletree Industrial Trust Management Ltd.
"Excellent platform and forum to interact with fellow directors, exchange ideas and share insights on the key issues facing Board leadership. Highly respected facilitator that raised the energy and successfully evoked input from the participants...I came away inspired to make changes and implement fresh ideas."
Sharon Sng, Board Director, Surbana International Consultants Pte Ltd
"Good practical advice from experienced directors that provides insightful thinking on how to improve one's own role as an effective Board Director."
Patrick Go, Independent Director, Del Monte Pacific Ltd