Co-authors Zhou Yonglin, director of the Internet Society of China, and Karl Rauscher, distinguished fellow and chief technology officer at EWI, stressed that the hacking issue is "a serious challenge for the future friendship and prosperity of China and the United States."

The co-authors also stated in the report that both countries "are so close in their integrated reliance on each other that each can easily do harm to the other-devastating harm." Based on a "Total Trust Management" system, the report proposes 10 actionable recommendations that, if implemented, will establish practical conversations and relationships that can gradually decrease tensions between the two countries.

This second report is the sequel to the co-authors' first bilateral report titled, Fighting Spam to Build Trust, which The New York Times editorial board referred to as recommended reading for Presidents Obama and Xi before their first meeting this past spring.

More than 300 participants from 40 countries are attending the EastWest Institute's 4th Worldwide Cyberspace Cooperation Summit in Silicon Valley.

Following the successes of the previous annual summits in New Delhi, London and Dallas, this conference has brought together an international group of cyber experts, leaders and practitioners from both the private and public sectors. During this two-day event, participants have the opportunity to address critical security areas where international policy has failed to make progress and propose new solutions.

The dinner that followed the first day's panels focused on "Future Cooperation in Cyberspace," providing attendees with a thought-provoking discussion with leading luminaries in the field. Chaired by former U.S. Secretary of State George Shultz, the panel also featured Steven Chu, former U.S. Secretary of Energy, and William Perry, former U.S. Secretary of Defense, and John L. Hennessy, President, Stanford University.

All of us must commit to a true dialogue so that we will avoid the arms races of the past. An arms race in cyberspace would be much worse and that's the last thing anyone wants," Chu said. "The technology is racing ahead and we don't know what to do about it."

"Arms races have the possibility of total destruction, whereas cyber attacks have the capability of total disruption," Perry stated.

Trying to end the lively discussion on a positive note, Shultz said, "We live in an age of advances and capabilities that no previous generations could have dared to imagine," But acknowledging the dangers coming from multiple sources, he added: "It is up to us reduce the incentive on the other side."

Final plenary sessions covered "International Cooperation in Fighting Cyber Crime" and "Success Stories and the Way Ahead."

Other key speakers throughout the two-day event included Latha Reddy, Former Deputy National Security Adviser of India; Michael Chertoff, Chairman and Co-Founder, Chertoff Group, former U.S. Secretary of Homeland Security; Shi Xiansheng, Vice President, Internet Society of China; Dirk Brengelmann, Commissioner for International Cyber Policy, Federal Foreign Office, Germany; Kamlesh Bajaj, CEO, Data Security Council of India (DSCI); John Hurley, Managing Partner, Cavalry Asset Management, Member, EWI Board of Directors; and Matt Bross, Chairman and CEO, IP Partners, Member, EWI Board of Directors.

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Click here for the Final Version of the Authors and Experts Group. 

Click here for more information on the summit.

> Summit Media Coverage