Risk Management: A Look Back at 2013 and Ahead to 2014

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Focus on managing third-party IT and security risks: Organizations have become even more hyper-extended, and are relying more extensively on third parties, including cloud-based service providers, which form part of their business eco-system, hold sensitive or regulated information, and run critical business processes. Today, organizations can’t afford to ignore these third parties. Lack of strong oversight can result in a security breach or service disruption that can have significant business and reputational impacts on the organization. In 2013, we saw organizations become more proactive in managing their third-party risks, and ensuring that all of their third-party managed data and operations are available, compliant and secure.

According to Yo Delmar, vice president of MetricStream, 2013 has been witness to extraordinary change. We are living and doing business in an increasingly global, mobile, social and Big Data world, fraught with new risks and complex regulations. As such, individuals and organizations are struggling to keep pace.

In response to greater uncertainty, complexity and volatility throughout 2013, we’ve seen increased convergence and alignment amongst internal teams, including IT, security and the business. As a result, organizations are better poised to provide the context for communicating risks. We’ve also seen the business ecosystem evolve to include geographically diverse vendors and third parties, and as a result, organizations must continue to view these entities as part of the organization itself, and manage them in a more tightly and integrated way.

Organizations have also moved away from doing IT and security operations on an ad-hoc basis, taking on a formal and structured approach that is more aligned with business priorities. Lastly, 2013 saw the continued emergence of new and innovative online, wireless and mobile technologies, requiring organizations and IT departments to get ahead of the bring-your-own-device (BYOD) trend, especially as employees continue to move away from corporate devices with some personal usage, to personal devices with significant corporate usage.

It is important that we reflect on some of these key trends in 2013, especially as we look ahead to 2014. The year ahead will require even stronger risk management, with an increased focus on leveraging social media to drive situational awareness. Organizations will need to focus more of their efforts on continuous monitoring, also leveraging security and risk analytics based on IT and security Big Data.

Organizations that focus their efforts in a thoughtful, methodical and analytical way will be poised to keep pace, and stay ahead of change and complexity in order to drive strong business performance and sustainable value to the organization and its key stakeholders.


Related Topics : Unisys, Stimulus Package, Security Breaches, Symantec, Electronic Surveillance

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