The rapid digitalization of world markets may have helped economies weather the past two years, but it has also opened doors to a surge of cyber threats and cybercrime. Since online banking, online shopping, and other digital transactions have become the norm, cybercriminals have found it easier to take advantage of the vast data traffic on the web. Cybercriminals also widened their targets to include commercial establishments, small businesses, essential services like hospitals and healthcare institutions, and even private individuals.
A report from security software company Norton stated a 40 percent increase in global ransomware attacks in 2020. About 2,200 attacks happen each day; around one cyber attack every 39 seconds. At the same time, global technology and software analyst Techjury reported that 30,000 websites worldwide are hacked every day.
Although not all attempts are successful, the sheer volume of cyber threats each day is proof that organizations should stay on their toes. Aside from having an impenetrable firewall and online security system, companies should have a battalion of highly-competent cyber security experts and cyber intelligence officers to help them mount online counterattacks 24/7.
Those who do experience the brunt of a successful data breach can pile up losses up to USD 3.86 million based on Interpol’s ASEAN Cyberthreat Assessment 2021. Most data breaches are so intricately orchestrated that it takes companies 280 days to identify and contain. Aside from financial losses, affected organizations could also experience massive losses in consumer and stakeholder confidence.
The effects of cyberattacks are so damaging that companies, governments, and even private individuals have to ramp up efforts to reduce their risk. To help corporations and professionals arm themselves from the onslaught of potential attacks, the Asian Institute of Management developed a Master in Cybersecurity program under the Washington SyCip Graduate School of Business.
“The risks and benefits of cybersecurity will become part of the normal course of business. Going forward, organizations will be assessed not only in terms of financial performance but also preparedness against cyberattacks. AIM’s Master in Cybersecurity program equips business leaders and aspiring cybersecurity specialists with a strong command of Information technology security to defend their organizations properly,” said Professor Felipe Calderon, Ph.D., the Head of AIM’s Washington SyCip Graduate School of Business.
Unlike other programs that focus on technical aspects and programming, AIM’s Master in Cybersecurity will also impart much-needed financial accounting and financial management skills, emphasizing sustainability and ethics. These subjects will enhance students’ competence in finance and help them develop a keen eye for potential finance-related risk areas.
Banking and finance are among the most vulnerable sectors to attacks due to the nature of their business and unhampered access to a vast amount of personal and corporate data. These high-risk industries have underscored the need for cybersecurity experts who have a firm grasp of financial management and accounting.
Through the help of the premier institution’s new program, more business professionals can become effective cyber intelligence specialists who can forecast possible risks and skillfully mitigate threats using sustainable and ethical methodologies.
“The overarching objective is to develop cybersecurity leaders imbued not only with financial acumen but also with sustainability and ethical values,” added Professor Calderon.
Students who enroll in the program will learn first-hand from seasoned experts in Strategy and IT Security Governance, Management Information Systems, Financial Management, Security Management, Digital Forensics, Data Visualization & Storytelling, and Emerging Technologies and Sustainability.
AIM’s Master in Cybersecurity is an 18-month leadership and cyber risk management program designed for non-technical and technical managers alike. It is a non-computer science program that trains highly-competent professionals who can prevent, manage, communicate, and reduce the aftershocks of cyber incidents. The program is offered part-time using a hybrid curriculum. Interested applicants must have a non-technical or technical bachelor’s degree and at least five years of work experience, preferably two years of experience leading a team. Applicants can visit https://wsgsb.aim.edu/master-in-cybersecurity/mcs-admissions/