Crowe partners with Purdue Polytechnic Institute to tackle digital risk

25 July 2018 3 min. read

Accounting and consulting firm Crowe has launched a collaborative effort with the Purdue Polytechnic Institute to work on digital risk research and projects. The partnership will also develop an executive training program for digital risk management.

Cybersecurity is increasingly at the top of organizational priorities, as high profile data breaches and attacks continue to occur around the globe. From the Sony Pictures hack by (probably) North Korea in 2014, the Home Depot data breach of the same year, and last year’s massive Equifax breach are just some of the high profile hacking events to occur in the last few years. Analyst firm Juniper Research expects the annual cost of data breaches to reach $2.1 trillion by 2020, with an average impact of $150 million.

US CEOs are more fearful of a cyberattack than their counterparts across the globe, perhaps owing to the fact that the largest volume of attacks target US organizations and consumers. A recent KPMG report found that global CEOs’ were second most fearful of cybersecurity risks, a fear only surpassed by dreading a ‘return to territorialism.’

Unfortunately, a report from Ovum and FICO finds that US firms are overconfident in their cyberattack-preparedness, with 68% citing ‘above-average’ security within their industry. US firms are failing to accurately gauge their objective security preparedness, especially if they lack continuous testing and industry benchmarking.Crowe partners with Purdue Polytechnic Institute to tackle digital riskIn this anxious environment, accounting and consulting firm Crowe has launched a collaborative effort with Purdue Polytechnic Institute’s Department of Computer and Information Technology (CIT) – the Purdue-Crowe Digital Risk Collaboratory. The private-public partners will work on sponsored and government-funded cybersecurity and digital risk research, as well as on select Crowe client projects.

CIT’s world-class faculty, staff, and students will collaborate with Crowe professionals to develop new digital risk management solutions. The ‘collaboratory’ will also develop executive training courses to help business leaders manage digital risk.

"Leveraging our client leadership with Purdue's research leadership is an outstanding value proposition," remarked Steve Strammello, managing partner, Crowe risk consulting. "We're investing in a future where our clients can maximize the adoption of digital-era tools and technologies while minimizing the risks associated with digital transformation. We believe this alliance will advance how organizations manage risk as they transform their businesses into the digital age."

Purdue Polytechnic Institute is internationally renowned for its teaching and research strengths in the areas of robotics, artificial intelligence, tech-enabled learning, and cybersecurity. Established in 1964, the leading technical school is mostly located in West Lafayette, Indiana, and has an undergraduate population of over 5,000; a graduate student base of 584; and 354 academic staff.

"The decision to collaborate is a bold and aggressive move by both sides to establish a more extensive foundation for digital and cyber risks, creating real-world application opportunities for ongoing research and projects," said CIT head Marcus Rogers. "The collaboratory solidifies that exchange of ideas and the public-private partnership concept."

Crowe US employs 4000 people, and had revenues of $847 million last year. Among its broad range of consultancy services, Crowe offers a strong portfolio of cyber risk solutions, including strategy, attack and penetration testing, data privacy, and managed security services.

The location for the collaboratory has yet to be decided.