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All organizations depend on information technology.  Moreover, new IT systems and new ways of using them are the engine of innovation and productivity in the economy.  IT offers businesses great opportunities, but it also comes with significant risks - loss of data, failed projects, inability to execute strategies, poor decision making, hacking, sabotage, and fraud, to name a few.  IT risk management is the discipline that looks at the dark side of technology - what can go wrong - and helps businesses to ensure that they get the best out of IT, not the worst.  

It is important because of the costs - both real and opportunity costs - of mismanaging IT.  Real costs can be staggering because businesses spend over half of all their capital equipment spending on IT and this percentage increases steadily every year.  Mergers can fail, companies can fail, and corporate brands can be ruined as a result of failed IT systems.  Opportunity costs can also be staggering because using IT more effectively is a well-proven method for achieving competitive advantage.

For undergraduates: Comm 456 Information Technology Risks, Protection, and Audit. 

For MBA:  BAIT 512 Information Technology Risks, Protection, and Audit.