We equip business leaders — across all major functions, in every industry and enterprise size — with the insights, advice and tools to achieve their mission-critical priorities and build the successful organizations of tomorrow. This article has been updated from the original, published on May 24,to reflect new events, conditions or research. Critical data breaches are in the news on a regular basis these days.
Share this article Top six security and risk management trends Business leaders are becoming increasingly conscious of the impact cybersecurity can have on business outcomes.
|Welcome back||The world is grappling with increasing cybercrime, terrorism, extreme climate events, geopolitical shocks, and more. Within business as well, fundamental disruptions are taking place.|
|The future of bank risk management | McKinsey||The GAO aligned the six practices they found best represented enterprise risk management ERM with the agency responses. They provided examples of how agencies are using best practices to better manage risk within their organizations.|
Senior business executives are becoming aware that cybersecurity has a significant impact on the ability to achieve business goals and protect corporate reputation. IT security is a board-level topic and an essential part of any solid digital business strategy. Business leaders have not always been receptive to this message, but a recent string of high-profile incidents have changed sentiment.
Customer data is the lifeblood of ever-expanding digital business services. Incidents such as the recent Cambridge Analytica scandal or the Equifax breach illustrate the extreme business risks inherent to handling this data.
At the same time, the potential penalties for failing to protect data properly have increased exponentially.
Security products are rapidly exploiting cloud delivery to provide more-agile solutions. New detections technologies, activities and authentication models require vast amounts of data that can quickly overwhelm current on-premises security solutions.
This is driving a rapid shift toward cloud-delivered security products.
These are more capable of using the data in near real time to provide more-agile and adaptive solutions. Machine learning is providing value in simple tasks and elevating suspicious events for human analysis.
The shift to the cloud creates opportunities to exploit ML to solve multiple security issues, such as adaptive authentication, insider threatsmalware and advanced attackers. Gartner predicts that byML will be a normal part of security solutions and will offset ever-increasing skills and staffing shortages.
But not all ML is of equal value. Security buying decisions are increasingly based on geopolitical factors along with traditional buying considerations.
Increased levels of cyber warfare, cyber political interference, and government demands for backdoor access to software and services have resulted in new geopolitical risks in software and infrastructure buying decisions.
Recent government bans against Russian and Chinese firms are obvious examples of this trend. Dangerous concentrations of digital power are driving decentralization efforts at several levels in the ecosystem.
The internet is driving a wave of centralization, one obvious example of which is cloud computing. While there are many benefits some outlined abovea good security team should be accounting for the risks too.To read more on the proactive and reactive evolution facing our industry, download 'The Future of Ethics, Compliance, Risk, and Corporate Culture: 8 Trends and Predictions for .
Organizations are increasingly conscious of the impact cybersecurity can have on business outcomes. This attention provides a source of support for security and risk management leaders to take advantage of emerging trends to improve resilience and elevate their standing in the organization.
The traditional threats to business operations from nature, people, and technology are still out there and will doubtless rear up and make themselves felt in These will include bad weather, employee . Trend 2 – Drive risk alignment Overall, nearly one-third of firms, %, said it was the responsibility of their risk and finance departments to ensure risk reporting and methodologies were aligned (figure 2).
Almost as many, however, said risk management should be aligned across risk silos. Gartner said that security leaders should harness this increased support and take advantage of six emerging trends, to improve their organization’s resilience while elevating their own standing.
The future of risk New game, new rules. The risk landscape is changing fast. Every day's headlines bring new reminders that the future is on its way, and sometimes it feels like new risks and response strategies are around every corner.