RED HOT – MOVING STEM TO STE(Accounting)M TO CREATE NEW STUDENT PIPELINE TO TACKLE CYBER SECURITY/ RANSOMWARE FOR AMERICA AND SUPPORT DIVERSITY, EQUITY AND INCLUSION TO MILLIONS
ORLANDO, FLORIDA / AGILITYPR.NEWS / March 28, 2023 /
EXPAND STEM or Science, Technology, Engineering (Accounting) and Math or "STEAM" -- Vital to the nation...
- CALL TO ACTION: The ACCOUNTING/ AUDIT PROFESSION can better prepare students (K-12 and colleges/universities) for career ready jobs (cybersecurity, ESG (climate/human capital/governance) and personal finance/financial literacy) by focusing on expanding the vital student and teacher JOB PIPELINE. This also includes expanding the PERCEPTION of what students can better perceive/ personal relevance for an ACCOUNTANT OR AUDIT educational background which includes GOVERNMENT/PRIVATE SECTOR FUNDING UNDER STEM (Student Internships in high school and college) to better attract and include diverse students.
- WHY/ WHAT'S THE STAT - 86% of Americans believe that increasing STEM-trained workers is vital to maintaining the nation's place in the global economy. For example, there are roughly 750,000 cybersecurity professionals and growing have unfilled positions need to both help companies tackle cybersecurity issues AND schools meet the growing need for educators/ administrative staff to protect school buildings from growing ransomware threats. >> Leaders who participated in the 2022 Fortune 500 CEO survey said they viewed a talent shortage as the No. 1 threat to their business — not in the future, but TODAY. Accountants and auditors can play a major role in helping to fit these new career opportunities AND protect the public interest/ democracy. The median annual wage for accountants and auditors was $77,250 in May 2021 with Employment of accountants and auditors is projected to grow 6 percent from 2021 to 2031, about as fast as the average for all occupations. The dearth of minority CPAs has been a source of concern within the accounting/audit profession for many decades.
- ANALOGY - "What is the best way to clear clogged shower pipeline in your home? Use solvents or tools (new resources) which could make the salts/dirt to dissolve and OPEN THE CLOGGED PIPELINE so I can get my shower? Help me out!" How about expand funding for student internships while going to meet mentors/ allies and learn more about new career opportunities NEW PERCEPTIONS/INSPIRATION/RELEVANCE or reaching out to diversity to connect to new communities and expand pipeline to also connect to future "Einsteins..."
BACKGROUND
In February 2023, Jen Easterly, Director of the U.S. Cybersecurity and Infrastructure Security Agency said – “We need to continue to be vigilant, keep our shields up, and ensure that we are putting all those controls in place” as the nation needs to protect against potential Russian cyberattacks as the war with Ukraine presses on “we can’t assume that won’t happen going forward.”
If it were measured as a country, then cybercrime — which is predicted to inflict damages totaling $8 trillion USD globally in 2023 — would be the world’s third-largest economy after the U.S. and China. Cybersecurity Ventures expects global cybercrime costs to grow by 15 percent per year over the next three years, reaching $10.5 trillion USD annually by 2025, up from $3 trillion USD in 2015. This represents the greatest transfer of economic wealth in history, risks the incentives for innovation and investment, is exponentially larger than the damage inflicted from natural disasters in a year, and will be more profitable than the global trade of all major illegal drugs combined.
It’s very clear – students in the pipeline for cybersecurity careers are woefully unprepared to tackle the growing threat to the nation regarding cybercrime and ransomware. High schools and universities are not set-up to prepare for students and our parents are not capable explaining how the type of skills or funding that can help students move into this pipeline.
Currently, roughly 750,000 cybersecurity professionals and growing have unfilled positions need to both help companies tackle cybersecurity issues AND schools meet the growing need for educators/ administrative staff to protect school buildings from growing ransomware threats. According to Allan Liska, intelligence analyst at threat intelligence vendor Recorded Future, 131 school systems across the world were attacked in 2020, 162 in 2021 and 177 in this past year. These growing numbers contrast those of other sectors.
Ransomware attacks have already taken a toll on these schools. A 2022 report from U.S. Accountability Office recorded a loss in three days to three weeks of learning following a cyberattack. A school's recovery time of replacing computer hardware and cybersecurity enhancement spans from about two to nine months, with costs between $50,000 to $1 million, excluding a ransom payment.
New US Securities and Exchange Commission Cybersecurity Regulations Linked to the Accounting Profession
Earlier this month (March 15, 2023 the US SEC proposed new requirements to address cybersecurity risks to the U.S. Securities Markets. Said SEC Chair Gary Gensler - “The nature, scale, and impact of cybersecurity risks have grown significantly in recent decades. Investors, issuers, and market participants alike would benefit from knowing that these entities have in place protections fit for a digital age. This proposal would help promote every part of our mission, particularly regarding investor protection and orderly markets.”
Market Entities increasingly rely on information systems to perform their functions and provide their services and thus are targets for threat actors who may seek to disrupt their functions or gain access to the data stored on the information systems for financial gain. Cybersecurity risk also can be caused by the errors of employees, service providers, or business partners. The interconnectedness of Market Entities increases the risk that a significant cybersecurity incident can simultaneously impact multiple Market Entities causing systemic harm to the U.S. securities markets.
The proposal would require all Market Entities to implement policies and procedures that are reasonably designed to address their cybersecurity risks and, at least annually, review and assess the design and effectiveness of their cybersecurity policies and procedures, including whether they reflect changes in cybersecurity risk over the time period covered by the review. The proposal — through new notification requirements applicable to all Market Entities and additional reporting requirements applicable to Market Entities other than certain types of small broker-dealers (collectively, “Covered Entities”) — would improve the Commission’s ability to obtain information about significant cybersecurity incidents affecting these entities. Further, new public disclosure requirements for Covered Entities would improve transparency about the cybersecurity risks that can cause adverse impacts to the U.S. securities markets.
STEM to STEAM Accounts ASP to Build Nation's Cybersecurity Defense
In this era of major technological change, students in schools are immersing themselves in new technologies at a very young age. So, while using technology to learn skills for lifetime, they should stay alert of the risks as well. Consequently, cybersecurity for early students is never too early to begin and this could be a great opportunity to link accounting education to students as a pathway to cybersecurity careers to protect the public interest and to help others.
With both marketplace cybersecurity job openings and new US SEC accounting and audit mandates coming down the road related to cybersecurity governance for companies – accounting students more than ever need to be in the pipeline now to meet these immediate needs.
Good news is that the United States recognizes a cybersecurity crisis and through efforts like the National Science Foundation (NSF) for education funding ($1.3billion in 2023) that is being allocated through STEM to support accounting students also linked to cybersecurity education and awareness.
In NSF FY 2023 Budget Request to Congress: “funding that will improve the capacity of institutions to provide students with the latest curricular and assessment approaches and experiences available ensuring they are well prepared with cybersecurity skills and knowledge. SFS support will also allow institutions to conduct research to build understanding of the most effective preparation for a variety of cybersecurity professions. In addition, SFS will invest in the cybersecurity education and workforce development component of NSF’s Secure and Trustworthy Cyberspace: Education (SaTC:EDU) investment area, including projects that span educational aspects of the frontier between AI and cybersecurity. Focus will be placed on K-12 cybersecurity education, and improving how students from community colleges, veterans, and other groups who have been traditionally underrepresented in their participation in the cybersecurity field are prepared for successful entry and retention in the workforce Service (SFS) program.
We know that when students thrive in STEM subjects, they can then build on their knowledge and set the necessary foundations to achieve a professional role in their desired fields like cybersecurity, internal controls and external independent auditors/accountants.
STEM subjects teach academic skills that are important for all students, regardless of their future goals and aspirations. In addition, these subjects allow students to develop critical thinking and problem-solving skills that can be applied in any number of real-world scenarios.
Linking Accounting Students to Support Cybersecurity STEM Funding Efforts
By recognizing accounting as a critical part of middle and high school education, STEM gives young students the opportunity to avoid this kind of confusion and stress once they finish their education.
STEM’s main focus has largely been on K-12 grades, there are implications to post-secondary education as well that includes CYBERSECURITY. Universities in the U.S. have successfully achieved STEM designation for their accounting degrees from the U.S. Department of Education. The acronym was formalized in 2001 by the U.S. National Science Foundation. As we know, STEM programs have evolved, the scope has increasingly shifted to preparing students for careers in areas with opportunities in a world driven by technology and data. At the primary and secondary level, STEM designation can mean significant access to funding. Grants geared to STEM education are available from multiple sources, including state and national departments of education, technology and energy focused corporations, and foundations.
TODAY - Link Between Accounting Colleges and Universities and STEM
At least 56 schools have received STEM designation for their post graduate programs, including the University of Illinois, Ohio State University, Fordham, Cornell, University of Northern Iowa and the University of Mississippi. At least two, University of Northern Iowa and USC-Marshall School of Business, have received STEM designation for their bachelor’s degree programs. This also includes Rutgers University which has received STEM designation for accounting students supporting Rutger’s Cybersecurity Curriculum.
Closing the STEM Diversity, Equity and Inclusion (DEI) Gap:
Closing the Accounting Diversity, Equity and Inclusion Gap Linked to STEM and STEM Cybersecurity Opportunities
Today, Whites hold more than 60 percent of STEM jobs requiring a bachelor’s degree or higher. Latinos (7.7 percent) and Blacks (7.1 percent) are both represented well below their presence in the population at large. This is not likely to change in the short run; an analysis by the Pew Research Center found that a smaller share of Black and Hispanic students are earning degrees in STEM than in other programs.
Continued Page 2 Below:
Page 2 - Continued
According to the US GAO - The National Science Foundation provides about 25% of federal funding for basic research conducted at U.S. colleges and universities—about $8.3 billion in FY 2021. NSF has a program to help ensure this funding is spread across U.S. states and territories. The program's goals include promoting researcher diversity and economic development.
NSF has a program to help ensure this funding is spread across U.S. states and territories. The program's goals include promoting researcher diversity and economic development.In order for The National Science Board (NSB) to close its DEI Gap – the federal agency in its Vision 20301 report states, “Faster progress in increasing diversity is needed to reduce a significant talent gap” and they name that talent gap the “Missing Millions.” NSB estimates that, for the S&E workforce to be representative of the U.S. population in FY 2030, the number of women in STEM must nearly double from the number in the 2020 U.S. S&E workforce, the number of Black or African Americans must more than double, and the number of Hispanic or Latinos must triple. These estimates are based on projections from the U.S. Census and Bureau of Labor Statistics, together with data from the National Center for Science and Engineering Statistics (NCSES). There is tremendous untapped STEM potential throughout the Nation. Every demographic and socioeconomic group in every geographic region of the country has talented people who can participate in STEM and contribute to the innovation enterprise. We plan to scale up existing pathways into STEM fields and create new tracks. NSF’s commitment to finding talent provides opportunities that lead to a well-paid workforce and a vibrant U.S. economy.
To that end, the following programs are increased in the FY 2023 Budget Request to Congress from NSF for DEI STEM funding that includes students in accounting now in STEM:
• Growing Research Access for Nationally Transformative Equity and Diversity (GRANTED) ($50.0 million) is a new initiative that will improve the Nation’s research support and service capacity at emerging and underserved research institutions. GRANTED will use a variety of mechanisms and programs to further NSF’s reach in advancing the geography of innovation and engaging the Missing Millions. GRANTED activities will support the enhancement of research administration and post-award management as well as the implementation of effective practices for competitive proposal development, through mechanisms such as research-coordination networks (RCNs) and institutional partnership grants, ideas labs, and research enterprise hubs in different geographic regions. GRANTED funding in FY 2023 will focus on support for minority serving institutions and aim to mitigate the barriers to competitiveness at underserved institutions within the Nation's research enterprise as NSF contributes to the Administration’s priority on equity.
• Alliances for Graduate Education and the Professoriate (AGEP) ($14.0 million) program aims to increase the number of African American, Hispanic American, Native American Indian, Alaska Native, Native Hawaiian and Native Pacific Islander (or AGEP population) faculty in STEM at all types of institutions of higher education. The program funds projects that increase the understanding of institutional policies and practices to help doctoral candidates, postdoctoral scholars, and faculty improve their academic pathways to tenure and promotion in the STEM professoriate.
• Centers of Research Excellence in Science and Technology (CREST) ($41.0 million) enhance the research capabilities of minority-serving institutions (MSI) through the establishment of centers that effectively integrate education and research. CREST promotes the development of new knowledge, enhancements of the research productivity of individual faculty, and an expanded presence of students historically underrepresented in STEM disciplines.
• The Hispanic-Serving Institutions Program (HSI) ($60.50 million) seeks to enhance the quality of undergraduate STEM education at HSIs and to increase retention and graduation rates of undergraduate students pursuing degrees in STEM fields at HSIs. The HSI program seeks to build capacity at HSIs that typically do not receive high levels of NSF grant funding.
• Historically Black Colleges and Universities Excellence in Research (HBCU-EiR) ($37.93 million) program supports projects that enable STEM and STEM education faculty to further develop research capacity at HBCUs and to conduct research. • Historically Black Colleges and Universities Undergraduate Program (HBCU-UP) ($48.50 million) is committed to enhancing the quality of undergraduate STEM education and research at HBCUs to broaden participation in the Nation’s STEM workforce. HBCU-UP provides awards to develop, implement, and study evidence-based innovative models and approaches for improving the success of HBCU undergraduates so that they may pursue STEM graduate programs and/or careers.
• The Louis Stokes Alliances for Minority Participation (LSAMP) ($70.50 million) is an alliancebased program that works to increase the number of STEM baccalaureate and graduate degrees awarded to populations historically underrepresented in STEM disciplines.
• NSF INCLUDES ($50.50 million) is a comprehensive national initiative to enhance U.S. leadership in STEM discoveries and innovations focused on NSF's commitment to diversity, inclusion, and broadening participation in these fields. The vision of NSF INCLUDES is to catalyze the STEM enterprise to work collaboratively for inclusive change, resulting in a STEM workforce that reflects the population of the Nation.
• The Tribal Colleges and Universities Program (TCUP) ($23.0 million) provides awards to Tribal Colleges and Universities, Alaska Native-serving institutions, and Native Hawaiian-serving institutions to promote high quality STEM education, research, and outreach.
• Established Program to Stimulate Competitive Research (EPSCoR) ($247.25 million) provides strategic programs and opportunities that stimulate sustainable improvements to EPSCoR jurisdictions’ R&D capacity and capability. EPSCoR aims to stimulate research that enhances jurisdictional competitiveness in NSF disciplinary and multidisciplinary research programs, especially those that drive economic growth and geographic diversity.
Conclusion/ Call to Action:
Connecting the Dots -- The accounting and auditing profession more than ever -- can now connect directly to STEM Designation accountants and more importantly "STEAM" funding for colleges and university students tackling the growing CYBERSECURITY/ ESG/ GOVERNANCE career crisis facing the nation. For the first time, STEM funding can now also be directed to support Diversity, Equity and Inclusion efforts to expand the diverse student accounting pipeline including the LGBTQ community and help the public interest and the minorities communities for a better democracy/ freedom/ liberty and a thriving capital markets.
#humancapital #iso #humanresources #hr #education #women #awareness #community #advocacy #liveabundantly #un #ideahot #cnn #humancapitalmanagement #humandevelopment #loveislove #leadership #infotraining #iia #iss #theglobalgoals #unsdg #riskmanagement #civilrights #supplychain #pipeline #engineering #leanmanufacturing #recruitment #supplychain #vendorevaluation #nasdaq #management #training #hrmanagement #pr #esg #humantrafficking #unitednations #esg #oprah #fordfoundation #obamafoundation #business #cia #gatesfoundation #bigfour #ifac #corpgov #globalgoals #childlabor #hrconsulting #work #training #naacp #taxes #business #pipeline #marketing #mediarelations #internalcontrols #wsj #mediarelations #ice #education #college #job #startup #coaching #workfromhome #talent #cybersecurity #leadership #charteredaccountant #covid #human #privacy #corporatecommunications #development #communication #iss #pr #hrd #reputation #sap #brand #ibm #management #corporatecommunications #iso #unglobalcompact #impactinvesting #issb #aflcio #ai #curriculum #eeo1 #faircredit #accounting #steam #audit #impactinvesting #internalaudit #employeeengagement #safeculture #forensicaccountant #diversestakeholders #workforce #baruckcollege #aflcio #iosco #mentors #calpers #allys #facilitation #hrtechnology #equality #love #diversityandinclusion #safeculture #interships #paidinternships #community #social #equity #infrastructure #diversitymatters #ucla #leadership #eu #whitecollarcrime #blacklivesmatter #ima_news #blm #pride #africanamerican #ft #chamber #education #reputation #art #lgbtq #careerpath #transparency #disclosures #dataanalytics #accountability #unity #lgbtqia #ukraine #ifac #representationmatters #inclusionmatters #accountancy #disability #wallstreet #loveislove #responsbileinvesting #fashion #covid #intuit #gay #peace #veterans #womenempowerment #corporategovernance #photography #humanrights #civilrights #inspiration #highschool #usc #financialtimes #inclusivity #fhlbdallas #college #university #valuecreation #calpers #tiaa #empowerment #tiaa #cybersecurity #trans #disabilityawareness #fairhousing #mentalhealth #motivation #iaasb #financialservices #pride #feminism #genderequality #linesofdefense #family #nature #mentors #beauty #pcaob #change #justice #business #acca #ceo #cfo #board #director #antiracism #pcaob #love #racism #gasb #instagood #socialjustice #repost #toneatthetop #accounting #pcaob #womeninbusiness #federalreserve #music #rutgers #acceptance #alliance #capitalmarkets #board #internalauditor #entrepreneur #businessowner #disclosure #womensupportingwomen #allies #highschool #linkedin #trans #diversity #gay #publicinterest #business #entrepreneur #loveislove #culture #pride #mentalhealth #usdoj #treasury #nsf #community #blacklivesmatter #education #barruck #respect #change #lgbtq # #womeninbusiness #leadership #queer #diversity #usedgarsystem #fasb #equality #empowerment #blm #feminist #unity #genderpay #companyculture #justice #usdolwb #tcu #humanrights #acceptance #racism #inclusion #gender #disability #sec_news #taxpayer wallstreet #genderequality #blackwomenleaders #intersectionality #socialjustice #representationmatters #diversity #orlando #impactinvesting #equity #disabilityawareness #antiracism #inclusive #diversityandinclusion #diversitymatters #diversityinlaw #inclusionmatters #potus #nato #inclusivity #diversityisbeautiful #stem #diversityinfashion #diversityinclusion #diversityinbooks #diversityinstem #diversityisourstrength #diversityinadventure #diversityrules #diversityinmedicine #youth #lgbtqiayouth #trevorproject #gmhc #hrc #nglcc #glaad #lgbtqcenter #usdol #potus #whitehouse #eeoc #ushhs #ushud #federalreserve #fdic #fhlb #homeland #fbi
Contacts
David Colgren
CEO - Colcomgroup, Inc.
dcolgren@colcomgroup.comPhone: 917-587-3708
https://www.linkedin.com/in/davidcolgren/