Cyber value at risk in the Netherlands

10 billion value lost through cyber risk in The Netherlands.

In the year 1609, during a period of extraordinary economic growth from naval trade that the Dutch refer to as “the Golden Age”, the Dutch legal scholar Hugo the Groot introduced the principle of Mare Liberum. Mare Liberum (Latin for “open sea”) is the term used in international law to designate the principle of free trade at sea.

According to this principle oceans and seas belong to everyone and all countries should have free access to the sea for travel and trade. The principle was hotly contested over the next few centuries, but it eventually led to a set of rules that, when properly enforced, have made naval trading into one of the worldwide drivers of economic growth.

This principle also applies to the communication network that is the source of growth in the information age: Internet Liberum. However, similar to all the different traders and nations sailing the seas during the Golden Age, we will have to fight for a safe and free cyberspace today. Certain individuals abuse the freedom and open- ness of the Internet by hacking into systems to steal and disrupt. The same things that make the Internet so valuable also make it vulnerable.

With great freedom comes great responsibility. To grow, you need to create as much safe space as possible. All organizations that navigate cyberspace need to take their responsibility and join for- ces in the battle against evil through a distributed network where everything is connected and nobody is in charge. If we are vigilant and respond effectively to attacks, we can keep the pirates at bay. If we organize our defenses, we can navigate, create and do business in a safe and open cyberspace.

In this spirit, the World Economic Forum launched its initiative “Risk & Responsibility in a Hyper-connected World” in 2011. One of the key initiatives to enable cooperation and information sharing between organizations was to create a shared cyber risk model. Together with the Forum, and with the input of hundreds of inter- national experts, business and policy leaders in cyber risk manage- ment, this eventually led to our report on Cyber Risk Quantification and the introduction of the Cyber Value at Risk concept early 2015.

We have transformed the concepts developed with the Forum into an operational model to quantify cyber risk. As a first application of this model, our team has determined the quantitative impact of cyber risk on organizations in the Dutch sectors with largest risk exposure. This report presents the results of this endeavor. It provides insights in cyber risk in the Netherlands and enables Dutch organizations to benchmark their exposure against industry averages.

We believe that organizations should continue to strengthen their Cyber Risk Management strategy, policies and controls, both in terms of prevention as well as detection and response. We encou- rage Dutch organizations to use this model to quantify their cyber risks and share, discuss and interpret the results. We hope this leads to more effective cyber security investments as well as colla- boration on improving the model. In the spirit of tending a shared space, we cordially invite you to join our community and further de- velop this model with us. We look forward to become your partner to ensure your portfolio of security investments is balanced and enables your organization to innovate with confidence.

We hope you enjoy reading this report.

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