[Business Services & Innovation] PwC: “Innovation is crucial today”

//[Business Services & Innovation] PwC: “Innovation is crucial today”

We invite you today to learn about PwC and their approach on innovation. Mr. Mircea Bozga leads the Risk Assurance practice of PwC Romania and on the article below he guides us through the importance of cybersecurity in today’s world.

Innovation is crucial today when the world is moving fast through digital transformation. For us, at PwC, innovation with the support of technology is finding new ways to achieve our purpose to build trust in society and to solve important problems. Cybersecurity is an emerging key business risks for most of our clients globally as well as in Romania with innovation a must in building cyber resilience within the organization.

The PwC internal Global Innovation Challenge is one of our ways of exploring our people’s ideas around the world so some can become reality and have a global impact. Now in its fifth year, the challenge draws a wide range of participants all with the same goal: to solve a client problem with a cutting-edge solution. The shortlisted participants/teams pitch their ideas live at PwC’s annual Global Innovation Conference, and the winning solution is chosen by a vote. This year’s challenge broke all previous records with teams participating from all areas of PwC’s business. Spanning cyber-security to behavioural design, 360-degree virtual reality, machine learning and artificial intelligence, to cognitive automation and geospatial technology.

The PwC CyberArena is an example of this year’s submissions: a gamification tool that prepares the client management teams to react during a cybersecurity crisis.

The software simulates the behavior of a client specific IT infrastructure in case of cyber-attacks and provides the client management team the opportunity to work together, including working with the technical team, to respond to attack scenarios in a safe environment. Financial goals are included at the beginning because they are also a key element of success. Our cybersecurity consultants monitor closely the activities and interactions in the team and provide feedback on the reactions but also on the effectiveness of the cybersecurity strategy and related investments specific to that client organization. The simulation is delivered in our Experience centers or at the client site, at an attractive value for money proposition.

In Romania, we delivered the training under the PwC Academy Cyber Training Center brand starting this year, with very positive feedback from the participants.

Boards need to ensure compliance with the new cyber and privacy regulations – many questions require answers such as: is my cybersecurity budget appropriate for the assets we have at risks or, are we able to respond in front of a crisis? PwC CyberArena provides an innovative learning experience for their management teams and validates the answers to these questions, specific for their organization.

Now, client management teams are building knowledge and consider the cybersecurity risk as a business risk and not just an IT risk.

According to the PwC’s 2018 Global Economic Crime and Fraud Survey, cybercrime rate increased: ”The last two years have proved to be very profitable for cybercrime who jumped to the second most reported economic crime among Romanian companies. Cyber-attacks most frequently caused disruption of business processes, in almost half of the cases reported by Romanian companies. Cyber incidents also led to substantive losses to organizations: a quarter of Romanian organizations that were attacked suffered asset misappropriation and were digitally extorted”.