Cyberattacks and data breach are amongst the top threats facing any business. In the last fortnight, global brand Facebook announced it had suffered an attack from cyber criminals.

Not only does this affect the personal data and credit card details of millions of customers, it also affects the brand and people’s confidence in doing business online. Moreover, the impact of these attacks can ultimately have catastrophic effects on the security of the nation and all organisations are potentially vulnerable.

Professor Tom Sorell in PAIS outlines how the University’s collaboration with the Institute of Risk Management (IRM) can help managers and professionals with managing accelerated digital disruption in their organisation:

“A fourth industrial revolution - blurring lines between the digital, cyber and physical worlds, calls for a fourth generation of risk management. We need to introduce learners to digital as a disruptive force both in products and services, as well as offer clear explanations around cybersecurity risks in business or the public sector.”

The new face of risk?

A recent joint report on risk management perspectives of global corporations – produced by the Institute of Risk Management (IRM) and Cambridge Centre for Risk Studies at Cambridge Judge Business School highlighted cyber security, business continuity and crisis management as the top risks identified by organisations surveyed.

The Cambridge Centre for Risk Studies Academic Director, Professor Daniel Ralph, said:

“Corporations must contend with both internal and external risks that threaten their business models. Their stakeholders are keenly aware of the many potential factors impacting corporate profitability and longevity, thus greater transparency in risk reporting will be expected in the future.

Companies go to vast expense to try to protect their organisations’ from such attacks, digital safety and security ultimately comes down to good enterprise risk management principles and practices. If Amazon, Cathay Pacific, the NHS, Marriott Starwood Hotels and even Uber are vulnerable then so are you and your organisation.”

More about the course

The Digital Risk Management Certificate course has been designed by PAIS, the Warwick University Institute of Cybersecurity and the IRM to help risk practitioners and other professionals to understand how new technologies and digitalisation are disrupting businesses, bringing both risk and opportunity. It will also demonstrate that while the work environment may be changing, there’s no need to reinvent the wheel when it comes to risk management – existing tools and techniques can be applied and adapted as needed.

Find out more via the IRM and PAIS pages.