regulated industries such as banking, retail and
pharmaceuticals, but the introduction of GDPR last
year put digital risk firmly on every functional and
organisational leader’s plate.
However, many organisations still operate in siloes,
with risk teams in one corner, IT teams in another
and security in another. Each works to their own
set of priorities and fail to communicate these
priorities effectively, in a way the other teams
will understand. As a result, things inevitably fall
through the cracks because each party has a lack
of context.
The need for a united front when
managing digital risk
What is becoming increasingly evident is that these
teams can no longer work in isolation. As digital
risks converge, a multi-dimensional threat requires
a holistic approach that incorporates IT, security
and IRM. This won’t be easy, as siloes have often
been built up over years and require major cultural
change to break down. But it’s essential if digital
risk management strategies are to be a success.
Getting there will require visibility, insight and
action across all three functions. Visibility means
ensuring you have the right information and
business context. From there, you can draw
insights – joining the dots between seemingly
unconnected events to see the bigger picture.
Then you’re ready to act; prioritising specific areas
based on the value of the assets involved, potential
business losses and your risk appetite. Automation
can help the organisation here, especially if staff
are in short supply and time is of the essence.
Enabling innovation, without
sacrificing security
Ultimately, no organisation is bulletproof. It’s all
about putting the right people, processes and
technologies in place to ensure you mitigate digital
risk striking a balance between innovation and
security. That’s the way to unlock value from Digital
Transformation and provide a secure foundation on
which the business can innovate its way to success.
Taking a business-driven approach to digital risk
management that enables cross-team collaboration
will allow businesses to continue to innovate, while
managing new and unprecedented risks. u
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Issue 18
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