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Industry 4.0 Calls for Asia Leadership and Clear Mission

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The profound changes expected in a new era of advanced technologies and the unprecedented speed of change will require leaders of Industry 4.0 to be agile and adaptive while still keeping in view the mission that drives their corporate existence, agreed panellists in a session on leadership at the Annual General Meeting of the New Champions, which closed today.

Michelle Zatlyn, Co-Founder and Chief Operating Officer of Cloudflare, said her definition of leadership – the act of motivating a group of people towards a common goal – has not changed. However, she underlined the “certain risk of disruption” if leaders and their organizations do not respond with great agility.

Huang Yiping, Deputy Dean of the National School of Development at Peking University, agreed, noting that those who are innovative and flexible will have a higher chance of surviving the dynamism of the Fourth Industrial Revolution. He expressed concern about unbridled growth, underlining the need to temper the rapid rate of innovation, particularly in the fintech sector, with risk management before another major failure undermines consumer and investor confidence.

Suphachai Chearvanont, Chief Executive Officer at CP Group, emphasized the need to retain a sense of mission and values, especially at a time when chaotic changes are putting ever increasing pressures on leaders.

The command-and-control structure that informs decision-making will have to give way to a more bottom-up approach that empowers employees to participate in a more free-wheeling environment. Zatlyn, however, is unsure that the much-hyped “leading without leaders” style of start-ups is necessarily more effective in fostering agility. “You want agility but you don’t want a whiplash,” she said.

Organizations of the future will be learning organizations, said John Meacock, Global Chief Strategy Officer at Deloitte, who stressed the importance of proper planning and strategy notwithstanding the constant changes and challenges ahead.

Outcomes from the meeting include:

The Government of the United Arab Emirates joined the Forum’s Closing the Skills Gap initiative, launching an accelerator programme that will be stewarded by the country’s Minister of State for Higher Education and Advanced Skills.

Leaders in the health and information technologies sectors shaped and committed to developing EPI-BRAIN, a first-of-its-kind data innovation platform to predict and forecast epidemics.

The Forum announced it will open a branch of the Tropical Forest Alliance in China. The Alliance is an initiative led by the World Economic Forum that aims to remove deforestation from commodity supply chains.

Bahrain will pilot a set of guidelines for the ethical procurement of artificial intelligence developed by the UK and the Centres for the Fourth Industrial Revolution Network (announced at last year’s Annual Meeting of the New Champions).

The Inter-American Development Bank (IDB) will use the newly launched Blockchain Single Trade Window framework, developed by IDB and the Forum, to pilot blockchain projects that improve border clearance, and will share lessons and best practices.

Fahad Almubarak, State Minister, Member of the Saudi Council of Ministers, Saudi G20 Sherpa and Secretary-General of the G20 Saudi Secretariat, chaired a consultation session with Asian stakeholders to gather input for the agenda of its G20 presidency, starting in December.

Business for Nature, a global coalition to elevate the business call for comprehensive action to reverse nature loss and restore the planet’s vital natural systems, was launched on 2 July.

A first advisory meeting took place to provide strategic direction to the 28 financial institutions that have signed up to a set of Green Investment Principles. The principles, drafted by a coalition including the Forum, the Green Finance Committee of China, the Society for Finance and Banking and the Green Finance Initiative of the City of London, aim to serve as a voluntary standard for investment into the Belt and Road Initiative.

As part of a wide-ranging memorandum of understanding between China’s Ministry of Ecology and the Environment (MEE), the two partners announced:

A collaboration in support of the 2020 Biodiversity Conference of Parties in Kunming, China; the agreement will see the formation of a new community and the publication of a report, The New Nature Economy.

The Forum also joined the Green Belt and Road Coalition, which will see collaboration with MEE on a number of thematic partnerships, including Environmental Information Sharing and Big Data; Biodiversity and Ecosystem Management; Green Finance and Investment; and Green Technology Innovation.

South Korea joined the Forum’s Centres for the Fourth Industrial Revolution Network.

The Forum’s Global Future Council on Agile Governance piloted a new tool, endorsed by the Government of the United Arab Emirates, to help policy-makers and regulators avoid being left behind by rapid technological change.

The Infrastructure and Urban Development community formed a task force on Risk Allocation and Mitigation to make infrastructure collaborations between the public and private sectors more equitable, future-proof, socially endorsed and immune to political cycles.

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Cybersecurity: A Crucial Element of Socio-economic Stability and Prosperity

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Cybersecurity has become a key safeguard to future socio-economic prosperity and stability as industries are transitioning towards data- and technology-driven business models and governments grapple with the implications of the Fourth Industrial Revolution. More than 80% believe that risk of cyberattacks will increase in the year ahead. With an estimated pricetag of $90 trillion worldwide, there is a rising imperative to safeguard individuals and businesses.

Under the theme Enabling Leadership for a Secure Digital Future, over 150 leaders and experts in the cybersecurity, policy, regulation and technology fields are meeting at the second annual World Economic Forum Annual Meeting on Cybersecurity in Geneva, Switzerland, to address three priorities: Strengthening global cooperation for digital trust and security, securing future digital networks and technology, and building skills and capabilities for the digital future.

Meeting participants include government representatives from G20 countries, civil society organizations and academia, and prominent cybersecurity leaders from companies representing a cross-section of industries in the private sector. Ten international organizations, 18 countries and over 20 specialized agencies are taking part.

“As the international organization for public-private cooperation, the World Economic Forum is leading a global effort to drive systemic change on the most pressing cybersecurity issues. We believe that this change will be most impactful if the private sector and the public sector work on solutions together,” said Alois Zwinggi, Head of the Centre for Cybersecurity.

Key sessions include preparing for future threats, how to secure smart cities, increasing security by replacing passwords and building cyber-resiliance. Leadership, governance and cooperation were key themes.

The Forum, as the International Organization for Public-Private Cooperation, is offering its Platform on Cybersecurity and Digital Trust to allow the participants to drive the cybersecurity agenda for the coming year, to share information on emerging cyber-threats, jointly assess the risks of emerging technologies and collaborate on urgent action to combat cybercrime.

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Building Emerging Technology Governance Key to Realizing Saudi Arabia’s Vision 2030

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Governments and companies around the world are investing heavily in emerging technologies to boost growth. The Middle East and North Africa region could see approximately $400 billion added to its economies over the next 15 years if artificial intelligence (AI) solutions are adopted. In Saudi Arabia alone, investment in AI is forecast to add 12.4% to GDP.

To help accelerate the development and implementation of emerging technologies while mitigating risks, the King Abdulaziz City for Science and Technology (KACST) today announced the launch of the Centre for the Fourth Industrial Revolution Saudi Arabia with the World Economic Forum.

As the latest Affiliate to join the World Economic Forum Centre for the Fourth Industrial Revolution Network, this new hub will benefit from the agile governance methodology designed in San Francisco and will apply it to pilot projects in the country. The Centre for the Fourth Industrial Revolution Saudi Arabia will be run and managed locally to help the country achieve its Vision 2030.

“To use the technologies of the Fourth Industrial Revolution such as AI and blockchain, and many others, for driving economic development and social progress, we need global cooperation,” said Klaus Schwab, Founder and Chairman of the World Economic Forum. “On the eve of its G20 presidency, we welcome the Kingdom of Saudi Arabia with the establishment of a new Centre for the Fourth Industrial Revolution in Riyadh, to shape those technologies in a way that serves society.”

In the region, Saudi Arabia has been undertaking large-scale digitalization efforts as part of its National Transformation plan and in the run-up to its G20 presidency. The commercial 5G roll out, recent establishment of the Saudi Authority for Data and Artificial Intelligence and the high percentage of mobile phone and internet use show that the country is taking steps towards shaping the trajectory of Fourth Industrial Revolution technologies.

The World Economic Forum Centre for the Fourth Industrial Revolution Network was founded in 2017 to accelerate the development of emerging technologies by bringing together a multistakeholder community to co-design agile governance policies. To facilitate this process, the Forum launched an Affiliate Centre programme in early 2019 to help countries develop national Fourth Industrial Revolution strategies and public-private initiatives.

Affiliate Centres tap into and share research across the Forum’s global network. The Centre for the Fourth Industrial Revolution Saudi Arabia will focus on the following emerging technology portfolio areas: artificial intelligence; blockchain; data policy; internet of things, smart cities and robotics; and mobility.

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PwC rated as a Leader among European and Asia Pacific Cybersecurity Consulting Providers

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PwC announced that it was cited as a Leader in in both The Forrester Wave™: Cybersecurity Consulting Services In Asia Pacific, Q4 2019 and The Forrester Wave™: European Cybersecurity Consulting Providers, Q4 2019.

In the APAC-focused report, Forrester stated that: “PwC shines with impressive IP-based consulting. PwC targets its impressive range of assets — like its value-at-risk offering and virtual-reality simulated cyber crisis environments — at boards and executives. It aims to use these assets to create a deeper understanding of and support for key security challenges among those stakeholders. PwC also has strong intellectual property (IP)-based consulting offerings for CISOs, such as its identity and access management automation and ethical hacking bot. PwC regularly engages regulators throughout Asia Pacific and provides thought leadership sessions to board institutions in the region, such as the Australian Institute of Board Directors.” 

The APAC report goes on to say that: “PwC has a demonstrated ability to use its global strengths to adapt to agile ways of working. Reference clients were happy with the firm’s expertise, noted that PwC was a true partner and advisor across the region, and praised the firm’s positive internal culture.” 

Paul O’Rourke, Asia-Pacific and Global Financial Services Cyber Leader, PwC said:  “We are really pleased with this result. Our comprehensive cybersecurity solutions assist businesses with assessing, building and managing their cybersecurity capabilities and enabling effective incident response to a myriad of potential threats. With our successful track record across various domains of cybersecurity, we help our clients to strategically assess, design, implement, operate and improve cybersecurity programs from strategy through execution.”

Grant Waterfall, EMEA Cybersecurity and Privacy Leader, PwC said “PwC, and specifically each member of our teams that work with clients each day to build business and consumer trust through a more secure digital society, are extremely proud to receive this recognition from Forrester Research. Over the past year, cybersecurity has been elevated to Firm-wide platform at PwC, representing a formal commitment to our clients, markets, and employees, that cybersecurity will be top priority for how we serve each of them and grow our brand for the future.”

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