Technology is increasingly enveloping every aspect of the Business Landscape and there is hardly an element of conventional or physical risk different from Data Privacy and Information Security. Businesses and Organizations worldwide have recognized Cyber Risk as one of the most significant dangers they face and that effective management and mitigation is almost essential and unavoidable.
It becomes evident from a recent case of a global MNC, where there was a major data breach days before Black Friday, that Cyber security is a Corporate Board-level priority and a required investment for power leaders. Technology Risk and how we confront it is now an omnipresent reality that operational and strategic Leaders must fully comprehend. Technological Risk is no longer simply the narrow concern of Technical professionals. The evolution of Business into an activity defined by digital engagement brings Technology risk closer to an Organization’s actions and decisions. Business leaders are forging ahead with their digital business initiatives, making technology-related risk choices on the way,the consequences of which can be disastrous, just as the potential of Digital Business constantly grows.
As the line of demarcation between real and virtual & physical and digital continues to blur, Cyber Risk must be addressed as a part of the overall ERM. Over the past decade, the threats have become more dynamic and sophisticated, but so are the innovative solutions being developed to address them. Here are some of the steps that can effectively blend Information Security with Enterprise Risk Management.
- The Strategic Planning phase is a comprehensive process and requires time and engagement to adapt to the new approach. Some understanding of the changes in terms of both, an evolving threats and the arena of Emerging Technologies is essential for sound strategy development and decision making.
- Continuous Execution and Process Optimization phase addresses the continuous change in technology, and the resultant Risk and opportunities. Technology in the areas of Privacy and Information Security is expected to evolve substantially in 2019 and following years and become more Agile, Intuitive, Mobile and Scalable. So, Continuous Execution of the Strategy and optimizing it on the go as per the evolving Business requirements is an important phase in Cyber Risk Management. Regular Assessments and Security Health checks can monitor dynamic environments and solve the purpose here.
Cyber-security Risks pervade every organization and aren’t always under IT’s direct control. Increased cyber risk is real — but so are the Data Security solutions. CIOs must become the central agent stressing the connections between Business and digital Risk. The key is to build influence across business units and ecosystems to better manage security and Risk.
Inactivity and lack of proactiveness for long-term Cyber Risk management and mitigation is a loser’s game as we are at the forefront of a mega-trend in cyber threats. It is time to take individual accountability, exercise Creative Leadership and leverage the emerging trends in Technology and innovation available today to be future-ready.
Stay tuned for more insightful posts on Cyber Governance.
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