Washington, D.C. – Business Roundtable, an association of 160 chief executive officers of leading U.S. companies, today released an extensive report detailing the alarming risks posed to businesses and the U.S. economy in the chance of a major Internet disruption. The report, "Growing Business Dependence on the Internet: New Risks Require CEO Action," cites the potential and widespread effects a cyber disruption could have on society and urges CEOs to take necessary action to ensure continuity of their businesses.
The Roundtable report, a major Internet security study from the perspective of business leaders, recognizes that an Internet disruption would be detrimental not only to businesses, public institutions and citizens, but also the economy - estimating a global economic cost of approximately $250 billion.
"America's CEOs have diligently prepared to address and respond to physical attacks that threaten the safety of our employees, economy and quality of life," said Ed Rust, chairman and CEO of State Farm and co-chairman of Business Roundtable. "Our report suggests that, similar to physical threats, the risks of attack through the Internet intended on impacting our businesses, economy and national security present new challenges and must be addressed."
Among the report's key findings is that an Internet disruption would affect nearly every U.S. company directly or indirectly, and the efforts to respond will create stress points that will hinder recovery. In addition to the extensive effects, the report suggests a lack of awareness from business leaders on their reliance on the Internet, thus increasing vulnerability in the case of an interruption, malfunction or disruption. The World Economic Forum estimates a 10 to 20 percent probability that a breakdown of CII will occur within the next 10 years - thus requiring immediate attention from business leaders.
Recommendations in the report for the nation's business leaders include:
- Assessing companies' Internet dependencies, based on their business operations;
- Proactively addressing Internet dependence and interdependence risks in corporate continuity and recovery plans;
- Engaging with industry partners, government and other CEOs to ensure alerts as well as response and recovery plans are in order;
- Sharing information on Internet disruptions with existing industry-operated information sharing and analysis centers (ISACs); and
- Ensuring executive-level engagement with government to set and communicate expectations about early warning and threat notifications.
"By addressing the challenges we have identified in this report, the nation's business leaders can ensure their employees and customers are protected and safe, and that the economy still thrives," added Rust.
Momentum for America
In 2016, Business Roundtable will focus its efforts on greater job expansion and economic growth – national priorities that are inextricably linked. Informing our plan is our collective business experience as CEOs of America’s leading companies, experience that tells us what it takes to build momentum for the United States in in 2016 and beyond.