Canadian Underwriter

PwC, cyber security specialist firm partner to offer businesses, governments cyber risk help

January 27, 2014   by Canadian Underwriter

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PwC has partnered with a consultancy specializing in cyber security to help businesses and governments understand, adapt to and respond to enterprise cyber risks.

Ridge-Schmidt Cyber LLC was founded by former Pennsylvania governor Tom Ridge, the first U.S. Secretary of Homeland Security, and Howard Schmidt, Cybersecurity Advisor to President Barack Obama and George W. Bush.

The firm advises executives on information-security programs, policies and partnerships needed to secure their organization’s networks, assets and people, according to a release from PwC.

“The threat of cybercrime is a top concern among senior leadership and boards of our clients in the U.S. and around the world, and we are focused on helping our clients find a competitive advantage while adapting to the reality of the risks inherent in the business world in which we operate,” David Burg, PwC’s Global and U.S. Advisory Cybersecurity Leader commented in the release.

“In a multinational business world that is increasingly interconnected, systems have traditionally been designed for efficiency, not resiliency, and that leaves many organizations vulnerable to cyber threats which have the potential to impact not only every aspect of the organization, but also its partners, customers, and suppliers,” Gov. Ridge added in the release.

“The effects of cybercrime are not simply virtual, they are real and the business perils can accrue to the bottom line for organizations that are not sufficiently protected. Cybersecurity threats are illuminating the larger risk management challenges that threaten performance, damage brand reputation, and sap revenues.”

“Cybersecurity must be viewed as a core business function and a strategic investment in the performance of the digital systems on which companies rely,” Schmidt also noted.  “When business leaders think holistically about the impact of cyber threats across the organization, they can more effectively engage in threat management to build organizational resilience.  A resilient organization has a threat aware culture that manages cyber threat and responds to crises in stride.”