Business schools have begun educating MBA and masters students in big data and cyber security, while demand for data specialists has hit the roof.
Tens of thousands of geeks sat bent over tables starring into laptop screens in the Las Vegas conference halls. Many were making mischief – breaking into each other’s machines and demonstrating how to steal data and take down websites.From dawn to dusk, the computer hackers competed and networked with each other in the offline world. Junk food and iced coffee cups were sprawled over tables amongst a tangle of wires and cables.
For one extended weekend each year, cyber criminals and saints have been flocking to Def Con; a festival of computer hacking that began with a few dozen participants in 1993 but has grown into the biggest show of cyber security prowess, that the world’s biggest technology companies dare not miss.
The corporations’ interests have been in information technology security. Several big scandals have rocked the business world and exposed how valuable virtual data is, and how much damage its miss-management can cause.
At the same time, demand for data specialists has reached an all-time high. Business schools have begun educating MBA and master students in big data and cyber security, while various IT sector careers have traditionally been popular options.
The UK government estimates that cyber crime costs the economy £27 billion a year.
“Many organisations would claim that information is their most valuable asset, yet they don’t have the management commitment to ensure that information is secure,” says Richard Skipsey of SGS United Kingdom, a leading business services company.
Executive appointments have highlighted the growing demand for technology and data executives. This week, Deutsche Bank hired Richard Shannon from Goldman Sachs as Americas chief information officer, and Scott Marcar from Royal Bank of Scotland as head of information technology infrastructure.
SGS estimates that the average cost to a large organisation of its worst security breach ranges from £450,000 to £850,000.
Cyber attacks rose 14% last year, with criminals targeting intellectual property-rich industries such as pharmaceuticals, mining and electronics, according to a report by Cisco.
The European Central Bank admitted last month that its defences had been breached by hackers who stole users’ contact details.
Cisco said a key problem with cyber security was a lack of employees with the right skills. The company estimates that there could be a shortage of one-million employees in the sector.
There is a growing need for better management of data. By 2015, 21% of companies with an annual turnover of $250 million or more will have chief data officers, according to IT services firm Gartner.
“Data-related roles are already on the rise,” says Mithun Sridharan, managing director of BlueOS, a strategic marketing firm which offers big data and analytics services.
“Currently, there is a dearth of professionals with the required skills, and as more companies board the big data bandwagon, the demand for big data and analytics professionals will only increase.”
Companies are increasingly paying for their senior-level employees to get a business education in data. Inge Kerkloh-Devif, executive director of global business development at HEC Executive Education, said that big data was an up-and-coming area: “I think there will be a big need in training executives for strategic decisions on big data.”
MBA students are now developing skills such as strategy simulation modelling, data visualization and strategy analytics at business school. HEC Paris, the leading French school, teamed up with IBM to revamp its MBA program to cater for data training.
“This course proved hugely popular,” says HEC’s Dean, Bernard Garrette. “Students with an education in business analytics are seen by many recruiters to bring added value to the workforce,” he adds.
MBAs have a natural affiliation with data management – many are already analytical in nature. Dr Guy Champniss, an expert in consumer behaviour and professor of marketing at Henley Business School, agrees that they are well placed to capitalize on this demand.
Dean Bernard, however, does not think big data education creates better managers on its own. “Training in big data does not necessarily create a top consultant or marketer; it is how a student uses these skills to complement their existing skill-set that will get a student noticed by top recruiters,” he says.
However, with this surge in data management demand, there are several security issues that companies face. Policies related to privacy, security, intellectual property, and even liability have yet to be addressed.
It is also unclear how companies can protect competitively sensitive data, or data that should be kept private. There are significant legal issues, and questions are raised about the intellectual property rights attached to data, and who is responsible when inaccurate data leads to negative consequences.
Dr Guy says that this is the next “huge hurdle” for companies. “It’s just breaking in various places now, and it’s a major issue for all businesses,” he adds.
Companies are now investing to sure-up their IT systems. Deutsche Bank has said it is investing €1 billion to ensure its systems can meet new regulatory requirements. It has also doubled its budget for IT compliance.
Some schools have begun educating MBAs specifically in cyber security. At the US’s Sellinger School of Business, students can sign up for a part-time, one-year cyber security certificate program, as part of their MBA studies or as a standalone. Tuition is about $13,600.
A report by the UK’s Department for Business, Innovation and Skills found that 78% of large organisations were attacked by an unauthorised outsider in 2013 – and the resulting costs to these companies roughly tripled.
SGS, which employs about 80,000 people, has stressed the importance of management commitment for information and IT systems departments.
While business schools see employer demand for data roles, data security is equally crucial to businesses, which are increasingly concerned about cyber attacks.
Richard says that it should be implemented as part of a company’s overall business strategy. “Effective information security must be championed, funded and managed at board level,” he adds.
Student Reviews
Cultural experience
I have met the most competent and diverse batch in this school. These people not only thrive on their own but also makes sure that you are doing it with them. The professors will take your had and walk you through all milestones and make sure you are not left behind. I have found their extracurriculars extremely engaging. There was always a room to have social life after academic life. The only hindrance is the location of the school, it is slightly outside city and living in city is expensive.
Internationality and diversity of opportunities
About my programme I would say it is very international and flexible: we have the opportunity to choose exactly the courses we want. But at the same time, the frame of the campus is crucial in students' life and enable us to create friendships.
Great selection of people
While HEC's MBA is highly selective, I really enjoy the type of people HEC's selects to make sure everybody gets the best out of their MBA experience and networking opportunities. Not only it's an incredibly diverse pool of people (~60 nationalities) but most importantly they make sure to let in friendly empathic and curious people.
Best in France for Grande ecole
A prestigious business school. Languages are important. It is better to have a scientific baccalaureate with excellent grades in high school and good assessments.
The courses are well designed as per the latest trends and practicality of learning in stressed upon. Overall, a very good experience.
Diversity and quality of fellow students
Very international and interesting place to be and opens a lot of opportunities, however the administration is very french and facilities are subpar (gym, classrooms) meaning the academic affairs is pretty much useless and lastly we are graded on a curve which can create a toxic environment because of the competition. With that being said the pros outweighs the cons by far.
The quality of the teachers, the campus, the clubs
The school is very international indeed, we have courses with international students and share things with them within the extra academic life (in the social clubs especially). We have great career prospects if we prepare ourselves well - however, the global curriculum is still very finance-oriented, which is a pity for other interesting domains of the company world, which does not rely on finance only. The social clubs are good practice for the management and for now, are quite independent.
HEC Paris awaits you
HEC Paris is really a nice place to do a master's in business. Many classes are useful and interesting (corporate finance, financial accounting, contract law…), some are less - but the curriculum is to be reviewed in the year to come. Regarding the student life, it is incredible, with about 130 clubs, lots of great parties with even greater people. The Jouy campus offers a lot of opportunities to do sports, and you can breathe fresh air every day. HEC also helps a great deal to find an internship or a job.
A dream institute
Enrolling in the HEC MBA was by far the best decision I made for myself. The people and faculty are great, with lots of opportunities to meet people and expand your horizons. Very nice campus where I have had some good running sessions.
The alumni network is superb and very helpful. It also has a good support system for entrepreneurs. Would definitely recommend it!
Good choice for a career boost
The classes were extremely practical and relevant to the current challenges that businesses are facing. You have access to a wide range of professionals and good career prospects once you leave the university.
Cultural experience
I have met the most competent and diverse batch in this school. These people not only thrive on their own but also makes sure that you are doing it with them. The professors will take your had and walk you through all milestones and make sure you are not left behind. I have found their extracurriculars extremely engaging. There was always a room to have social life after academic life. The only hindrance is the location of the school, it is slightly outside city and living in city is expensive.
Internationality and diversity of opportunities
About my programme I would say it is very international and flexible: we have the opportunity to choose exactly the courses we want. But at the same time, the frame of the campus is crucial in students' life and enable us to create friendships.
Great selection of people
While HEC's MBA is highly selective, I really enjoy the type of people HEC's selects to make sure everybody gets the best out of their MBA experience and networking opportunities. Not only it's an incredibly diverse pool of people (~60 nationalities) but most importantly they make sure to let in friendly empathic and curious people.
Best in France for Grande ecole
A prestigious business school. Languages are important. It is better to have a scientific baccalaureate with excellent grades in high school and good assessments.
The courses are well designed as per the latest trends and practicality of learning in stressed upon. Overall, a very good experience.
Diversity and quality of fellow students
Very international and interesting place to be and opens a lot of opportunities, however the administration is very french and facilities are subpar (gym, classrooms) meaning the academic affairs is pretty much useless and lastly we are graded on a curve which can create a toxic environment because of the competition. With that being said the pros outweighs the cons by far.
The quality of the teachers, the campus, the clubs
The school is very international indeed, we have courses with international students and share things with them within the extra academic life (in the social clubs especially). We have great career prospects if we prepare ourselves well - however, the global curriculum is still very finance-oriented, which is a pity for other interesting domains of the company world, which does not rely on finance only. The social clubs are good practice for the management and for now, are quite independent.
HEC Paris awaits you
HEC Paris is really a nice place to do a master's in business. Many classes are useful and interesting (corporate finance, financial accounting, contract law…), some are less - but the curriculum is to be reviewed in the year to come. Regarding the student life, it is incredible, with about 130 clubs, lots of great parties with even greater people. The Jouy campus offers a lot of opportunities to do sports, and you can breathe fresh air every day. HEC also helps a great deal to find an internship or a job.
A dream institute
Enrolling in the HEC MBA was by far the best decision I made for myself. The people and faculty are great, with lots of opportunities to meet people and expand your horizons. Very nice campus where I have had some good running sessions.
The alumni network is superb and very helpful. It also has a good support system for entrepreneurs. Would definitely recommend it!
Good choice for a career boost
The classes were extremely practical and relevant to the current challenges that businesses are facing. You have access to a wide range of professionals and good career prospects once you leave the university.
