World Bank's new Cybersecurity Trust Fund to ensure safe digital transformation for all
The new Cybersecurity Multi-Donor Trust Fund will help ensure that countries and their citizens can safely and securely take full advantage of the ongoing digital transformation and development. By providing global knowledge, technical assistance and practical tools, the work program will help build cyber and digital security capability and capacity in World Bank client countries
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- United States
The Work Bank has launched a new Cybersecurity Multi-Donor Trust Fund aimed at better defining and systematically rolling out the cybersecurity development agenda to help ensure a more substantial reflection of cybersecurity considerations across its programs and financing.
Developed as an associated trust fund under the World Bank's broader Digital Development Partnership Umbrella (DDP), the Cybersecurity Multi-Donor Trust Fund's launch was made possible with donor contributions from Estonia, Germany, Japan, and the Netherlands, the World Bank said in a press release on Monday.
NEWS: @WorldBank announces the launch of a new #Cybersecurity Multi-Donor Trust Fund 🔒 under the broader #DigitalDevelopment partnership umbrella program. Learn what it’s all about: https://t.co/rRC2SMQ77M pic.twitter.com/P5v4aCYXOn
— World Bank Digital Development (@WBG_DigitalDev) August 16, 2021
As the world is increasingly relying on digital technologies, this technological transformation is also increasing cyber risks and threats to digital infrastructure, services, and data. According to the World Bank data, globally, between 2019 - 2023, approximately USD 5.2 trillion in global value will be at risk from cyberattacks.
The new Cybersecurity Multi-Donor Trust Fund will help ensure that countries and their citizens can safely and securely take full advantage of the ongoing digital transformation and development. By providing global knowledge, technical assistance and practical tools, the work program will help build cyber and digital security capability and capacity in World Bank client countries.
COVID-19 has highlighted the vital role digital technologies and applications play in a resilient development agenda. As governments are rapidly scaling up their investments into digital technologies, cybersecurity has become a pressing concern to ensure a safe and secure digital transformation for all.
The work program will lay the cybersecurity foundation for low- and middle-income countries to further invest in the enhancement of their cybersecurity capacities and infrastructure. It will also provide support for implementing internationally recognized cyber norms.
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