Switzerland needs to create a “Geneva Convention” to establish a global “gold standard” for cybersecurity and blockchain that is free of national interests, says the chairman and chief executive officer of Swiss digital security company Kudelski Group.

André Kudelski told Asia Times that a neutral and trusted global standard would counter the raging cyberwar between the United States, China and Russia.

State cyberwarfare, according to Kudelski, has greatly undermined the security and integrity of global banks, insurance companies and energy companies’ critical cybersecurity infrastructure and made them vulnerable to malicious attacks by terrorists and criminal hackers.

Kudelski said estimates claim more than US$1 trillion is stolen each year by criminal hackers, while ransomware attacks are growing in both frequency and scope. He spoke about how the City of Baltimore was, in May, the victim of a ransomware attack, where a criminal group demanded $70,000 in Bitcoin to release the city’s critical information technology infrastructure.

The hackers reportedly used a cyberwarfare program originally developed by the US National Security Agency for attacks against Iran’s nuclear weapons program.

Switzerland, as a neutral country with a direct economic interest in thwarting state-sponsored cyberwarfare is, according to Kudelski, the ideal country to bridge an international treaty between individual states and the private sector.

Kudelski told Asia Times that a cybersecurity Geneva Convention would provide international regulations to the nascent hyperledger blockchain revolution and this would then start to replace the inherently insecure legacy IT platforms used by financial services and operators of nuclear power plants.

Kudelski, who owns the Lausanne-based Kudelski Group, is also the current President of Switzerland’s Innosuisse, the national Innovation Agency. Kudelski Group was set up in 1951 by André’s father, Stefan Kudelski, who become known globally as the inventor of the Nagra brand of high-end portable audio recorders.