NEW YORK (TheStreet) --The Cambridge Cyber Summit will be held on Wednesday at MIT in Cambridge, MA. The event will bring together prominent figures in government, and those in public and private sectors to address cybersecurity issues. It is co-sponsored by CNBC, The Aspen Institute, and MIT.

Aspen Institute CEO Walter Isaacson sat down with CNBC's Andrew Ross Sorkin during Wednesday morning's "Squawk Box" to discuss the event and what he hopes it will achieve.

One of the concepts he discussed was his interest in the creation of a parallel Internet. "I don't think it's a physical parallel Internet, but it is something that DARPA, which helped create the original ARPANET that became the Internet, is now working on called Clean Slate," Isaacson said.

DARPA (Defense Advanced Research Projects Agency) is a government agency within the U.S. Department of Defense responsible for the development of emerging technologies that will be used by the military. ARPANET was the initial packet switching network, meaning a system of transmitting data in various parts which are reassembled at the destination, that evolved into the Internet.

With Clean Slate "you have a part of the Internet, a set of protocols, end to end encryption, in which not only do you know where the packets are supposed to be going, but you know where the packets came from. That was one of the genetic flaws built into the Internet in the 1970s," Isaacson added.

Those flaws leave the Internet vulnerable to hacks as it does not provide secure I.D. verification, and Isaacson hopes it evolves into something more cyber secure.

"There's a disconnect between three groups. People in government, like the intelligence community, people in the industry, like Apple (AAPL) , and then people in the academic world. Let's get a few of them together and say over the next five years how are we going to rebuild things in a way that would be safer," Isaacson said.

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