In recent years, cloud computing has experienced meteoric growth, but anything that becomes popular in the digital world is a target for malevolent cyber actors. An executive must have risk awareness of the variety of threats and the level of disruption that these attacks can inflict. Corporations lose billions of dollars annually because of cyberattacks, including ransoms and revenue losses. There are two ways to view risk. Either it is embraced as a guide to making wise decisions or perceived as a huge roadblock. An organization’s approach to cybersecurity is crucial to its productivity. This article at Chartered Governance Institute UK & Ireland shares insights from its recent survey on cybersecurity risk.
Importance of Risk Awareness
Business and productivity are significantly impacted by how organizations view cybersecurity. Risk is anything that jeopardizes a company’s capacity to meet its objectives. Risk, though, can also bring about opportunity. The entire process of detecting, minimizing, and avoiding hazards is known as risk management. When risk management is effective, a technology department can advance steadily into the future.
Per the cyber risk survey conducted by Chartered Governance Institute UK & Ireland, most respondents were upbeat about their organization’s risk management. Most respondents (57%) agreed their companies handled risk efficiently, but 43% said it was only addressed adequately. According to 74% of respondents, risk exposure for their organization is rising.
In their first blog, they discuss how a robust risk framework can provide dialogue, judgment, and strategic focus to those that truly embrace risk. In a second blog, they elaborate on digital risks of all kinds, including cyber risk management.
According to their survey, a better risk management process, audit reform, and more reliable electronic systems and data protection are the best approaches to dealing with risk.
Furthermore, the article discusses resources for a robust whistleblowing process and governance.
To read the original article, click on https://www.cgi.org.uk/blog/risk-management-survey
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