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

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Leveraging social media to drive situational awareness: Security and business continuity management teams will continue to tap into the power of social media to learn from, and respond more effectively to, unfavorable incidents. Technology solutions can provide the capabilities to mine social media feeds, and to provide crisis updates from a variety of sources such as Google Crisis Maps, Twitter, Facebook and more. This social media intelligence can be further correlated with organizational assets and risks to determine the impact of a crisis on the business. Pre-designed workflows can be triggered based on this analysis in a way that best manages the financial, operational and reputational impact of the incident.

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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