G20-Germany-Hamburg-2017

Improving sustainability
KEY TAKEAWAYS
By 2020, more than 20 billion devices
will be connected to the internet
The Bank of Bangladesh cyberattack
resulted in the theft of $80+ million
How to solve
the internet’s
fundamental
weakness
The internet is a global commons –
but it’s under threat. The G20 is well placed
to address the main challenges to the net’s
efficacy, writes Michael Chertoff
In the past two decades, the internet has evolved
into the principal engine of the global economy.
Information technology (IT) transmits and holds our
personal and business data. It executes the majority
of global financial transactions; directs many
control systems that operate our physical infrastructure,
such as energy, water and transportation; and,
increasingly, connects and manages everyday devices,
from kitchen appliances to medical implants. Estimates
assert that the internet currently adds $4 trillion to the
global economy. And, by 2020, it’s estimated that more
than 20 billion devices will be connected to the internet.
But the internet-driven economy has a fundamental
weakness: the internet was not developed based on the
concept of trust by design.
Because anyone can connect to the internet, it has
become ripe for exploitation by those seeking to steal
money or intellectual property, recruit terrorists, reveal
embarrassing information or even damage or destroy
critical infrastructure.
Real-world damage and theft
Recent events demonstrate that the frequency and scale
of attacks have increased to the point that the efficacy
of the internet as a global resource must be called →
106 G20 Germany: The Hamburg Summit • July 2017 G7G20.com