The digital revolution has ushered in an era of high reliance on technology, accelerating the opportunities for cyber attacks. The sophistication and increasing frequency of cyber threats expose organizations to significant risks, including data breaches and ransomware attacks.
The regulatory environment is shifting to adopt policy changes formalizing cybersecurity requirements that address these challenges. Companies must recognize how cybersecurity incidents can affect their bottom line and proactively protect their assets and reputation.
C-suite executives need to understand the measures required to implement business cybersecurity measures. Online degree programs — such as the Master of Science in Business Cybersecurity from the University of Tennessee, Knoxville — can prepare you with the necessary skills to advise these business leaders on the complexities of business cybersecurity so they can effectively safeguard their organizations.
The Mounting Cost of Cybersecurity Incidents
In recent years, we have seen a surge in cybersecurity incidents. According to a 2023 IBM report, the global average cost of a data breach is $4.45 million, up 15% from three years prior. Ransomware attacks have also surged in the United States: they were up 13% in 2022, an increase equal to the previous five-year period. Recent high-profile incidents, including cyber attacks on MGM and Barracuda, underscore the growing magnitude of the problem.
Data breaches and ransomware compromise the confidential information of countless businesses and consumers, adding costs and eroding customer confidence. These incidents expose sensitive data, ranging from personal customer details to proprietary business information, leaving companies exposed. The financial repercussions are staggering, with businesses incurring massive costs, including ransom payments, security upgrades and system restoration efforts. Indirect costs, which include litigation, regulatory fines, and, most detrimentally, a tarnished brand reputation, can also be substantial.
Defend Your Business Against Cyber Attacks
Learn the Language of Business Cybersecurity
The Role of the C-Suite in Cybersecurity Measures
The C-suite constitutes an organization’s top executives. This team is responsible for driving a company’s overall strategy and integrating risk management practices into daily operations. They oversee everything from mandating cybersecurity training to all employees to incorporating risk metrics into KPIs to ordering and auditing regular reviews of operating systems and policies.
Boards and C-suite leaders may lack the technological fluency to communicate with business cybersecurity and information technology (IT) professionals. Bridging this communication gap is essential to establish an effective business cybersecurity strategy.
Programs like UT Knoxville’s online MS in Business Cybersecurity train cybersecurity professionals in the proficiencies and communication skills necessary to convey highly technical information to leadership. As a business cybersecurity professional with advanced training, you will be well-positioned to brief and advise C-suite leaders on these critical matters. That is essential to a successful business, because understanding the technical aspects of business cybersecurity can help executives make more informed decisions and effectively lead their teams in the face of evolving cyber threats.
A Changing Regulatory Landscape for Business Leaders
Recent changes in Securities and Exchange Commission (SEC) regulations underscore the urgency for executives to invest in cybersecurity training for themselves and their teams. The new disclosure rules stipulate that companies must:
- Acknowledge material cyber incidents within four days of the determination, backed by quantitative and qualitative evaluations. This includes information on the incident’s nature, scope and impact.
- Incorporate active risk management strategies, including their processes for assessing, identifying and managing material risks from cybersecurity threats. This could include expert consultations, penetration tests, internal training, and continuous education.
- Complete ongoing assessments, which are essential to guarantee sufficient insurance and financial modeling for cyber risks.
This framework signals a broader cultural shift in which businesses weave cybersecurity considerations into the fabric of their operations.
As cybersecurity takes greater prominence in C-suite evaluations and planning, business cybersecurity professionals will be poised to assume greater responsibility. Comprehensive business cybersecurity training, such as UT Knoxville’s online MS in Business Cybersecurity program, can qualify them to train and advise executives as they navigate complicated conversations about managing cyber strategy and complying with SEC regulations.
The Case for a Master’s in Business Cybersecurity
Business cybersecurity is an emerging field that addresses business leaders’ evolving challenges. Most importantly, it dictates the strategies, techniques and processes that secure systems and protect organizational assets from cyber threats.
The growing need to prevent cyber attacks is driving demand for business cybersecurity professionals in the U.S. The field is a hotbed of opportunity, with the median annual wage for related roles already over $100,000 annually. The number of information security analyst jobs, for example, is expected to grow by 32% between now and 2032.
A master’s in business cybersecurity prepares professionals to fill one of the many expected vacancies over the coming decade. With a degree from a leading-edge program, like the one offered by UT Knoxville, professionals gain the skills to translate the technical side of business cybersecurity into comprehensive business plans that mitigate cyber threats.
Learn at the Intersection of Business Strategy and Cybersecurity
With the rising risk of cybersecurity incidents and changing regulatory landscape, business professionals need to stay vigilant. The University of Tennessee, Knoxville’s online Master of Science in Business Cybersecurity (MSBC)—offered through the Haslam College of Business—prepares business cybersecurity professionals with the technical knowledge to address cybersecurity challenges through strategic planning.
Across 10 courses, including Foundations of Business Cybersecurity, Risk Management and Business Continuity and Organizational Security Management, the program covers the most critical aspects of cybersecurity. This interdisciplinary approach ensures professionals learn how to integrate cybersecurity seamlessly into their overall business strategy.
To accommodate busy professionals, the online program incorporates live virtual class sessions and self-paced coursework. This format allows working professionals to complete the program part time in two to six years while maintaining a manageable work-life balance.
By earning a master’s in business cybersecurity, business leaders gain a competitive edge in navigating cyber threats and contribute to a more secure and resilient business landscape. If you’re ready to champion cybersecurity, start an application or schedule an application walkthrough with a UT Knoxville enrollment advisor.