Business leaders of tomorrow must take cybercrime more seriously, experts say

Business leaders of tomorrow must take cybercrime more seriously, experts say

As businesses take advantage of the latest technology to take on cyber criminals, business schools are also making a foray into cyber security.

Hackers have made cybercrime a rife issue as they target consumer and financial information held by firms in the banking and retail industries.

The issue is so serious that businesses have no choice but to view it as critical. Boardrooms are now intervening in managing cybercrime risks, with everyone from executives to shoppers expressing more concern over their information.

Principal adviser Phillip Hodgins from professional services network KPMG said:

“Cyber security is now a boardroom concern. Yet, for it to stay that way, executives need a clear understanding of its relevance to their own organization…Too often security measures are seen as restrictive.”

A 2015 World Economic Report estimated a global economy cost of $3 trillion should the importance of cyber security be underestimated.

Oxford Saïd Business School professor David Upton said that the gap needed to be tightened between executives and technologists, saying:

“Cyber security should be a standard part of any business education.”

One example of an increased need for leaders engaging in cybersecurity is when Oxford Saïd launched a new programme this year for business executives, in the area of cyber risk.

Businesses of tomorrow may well be more educated in cyber security, and today’s businesses too are waking up to the threats that cybercrime poses. However, there still needs to be more cybersecurity jobs available to take advantage of today’s professionals and help secure the masses of data held on UK consumers.

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