Introduction: The Next Frontier of Risk Management: Cyber Risk

Michael Woodson

The emergence of technologies such as cloud computing, mobility, big data, social media and the Internet of Things (IoT) has led to the transformation of the workplace and the way society communicates. The increased dependency on technological advancements such as mobile banking, electronic payments and data sharing has led to an increase in interconnectivity, globalisation and the ‘commercialisation’ of cyber-crime activities, which in turn has led to the increased frequency and severity of cyber incidents, including high impact data breaches at several of the largest financial institutions around the world.

This transformation, like others of years past – when networking individual computers were connected together in academic, and in government environments based on the concept of being ‘wide open’ for academia; where the goal was to share information openly; where security controls were limited to accounting functions in order to charge money for use of computer time; and in government whose main goal was to block access to computers, restrict access to confidential data and prevent the interception of data – has led to a dramatic paradigm change in the regimens that have

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