Steinbock, (2000) defined the term “globalization of IT” as an important phenomenon that takes place in order to facilitate the cross-border flow of information content and the cross-border spread of the actual hardware nationally and locally produced, distributed, and consumed. It results to a global integration which served as a main trigger point for such huge transformations in the business and the various corporate industries. One perfect example is the sudden explosion of the use of technology in the business environment which gave birth to the concept of outsourcing. Outsourcing made possible the limitless cross-border flow of information content and the unlimited sharing of information among different companies and individuals across the globe (Daft & Willmott, 2010).
Meyer (2000) referred to the term “IT risk management” as both a practice and a tool used solely for the purpose of building more efficient and secure financial services in global financial institutions. It is also a practice enables these companies to prepare in their full participation in the global economy of the world. Moreover, it is designed to meet the required business goals and control objectives along a strategy and road map to reach the secure operating environment under the identified threat landscape.
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