27 April 2020
The International Compliance Association (ICA), the leading professional body for the global regulatory and financial crime compliance community, has partnered with the International Cyber Threat Task Force (ICTTF) to offer a new programme in cyber risk management.
The global cost of cybercrime is projected to double from 2015 figures, reaching $6 trillion annually by 2021 and worldwide spending on cybersecurity is estimated to hit $133.7 billion in 2022. The worldwide coronavirus outbreak has exacerbated the threat as organisations are faced with the challenge of keeping as many business-critical functions running as possible, while maintaining adequate security. Business leaders are increasingly recognising the threat, with 68% saying their cybersecurity risks are increasing.
The new 8-week online programme from the ICTTF, which is suitable for managers in either the first or second line of defense, covers a range of topics from identification of cyber risks through to risk management options. The course has been designed to equip professionals with the knowledge, skills and confidence they need in order to protect the digital assets of their organisation and support the efforts of or lead the implementation of a cyber risk framework. Professionals can now enrol onto the 'Certified Cyber Risk Officer' course which commences on 4 June 2020.
Established in 2010, the ICTTF is a not for profit initiative promoting the ecosystem of an international, independent, non-partisan cyber security community and is committed to fostering collaboration, networking and knowledge sharing under the mantra ‘it takes a network to defeat a network’.
Bill Howarth, ICA President, commented: “We know that our members are contending with many new challenges right now and managing the increasing risk of cybercrime while so many employees are working from home is one of these challenges. We’re delighted to be working with the ICTTF to offer this highly practical online course that will equip compliance professionals with the tools and skills they need to work collaboratively with other parts of the business to manage cyber risk more effectively.”
Paul C Dwyer, President of ICTTF, added, “The answer to the cyber challenge is leadership and business leaders need to be informed. Measuring and managing cyber risk is now an intrinsic part of most people’s roles and not just the responsibility of a cyber security function. Cyber risks are holistic and the organisations that empower their people to identify and manage risks across the business gain competitive advantage through embracing innovation. I’m really pleased to be working with ICA to offer this new programme that will promote change.”
 Source: Cybersecurity Ventures, ‘Cybercrime Will Cost the World US$6 Trillion by the End of the Year: Study’, Last accessed 27/04/2020
 Gartner, Global Cybercrime Damages Predicted To Reach $6 Trillion Annually By 2021, Last accessed 27/04/2020
 Note to editors: First line of defence refers to functions that own and manage risk. Second line of defence refers to functions that oversee or specialise in risk management, compliance.