Risk management and digital business

As the world becomes more digitised, business security is no longer as simple as installing anti-virus software and a basic firewall. As businesses have adopted more technology to deliver efficiency and automation, they have also increased the potential for malicious attacks. Thus the discussion is no longer just about security, but is also about privacy.

Hacking, malware attacks, social engineering, and other data breaches are significant and costly concerns. Breaches of this sort can cost hundreds of thousands of dollars to investigate where privacy breaches are identified and forensic investigations are required.

This means businesses need to put the right security and processes in place to remain safe and sustainable. Managing risk effectively is critical and, done correctly, can deliver a strategic advantage. However, protecting the business does not have to be complex and unwieldy. Instead, it takes diligence and consideration about the risks.

Specifically, it is vital to identify threats early and respond appropriately. Finding the right balance between risk management and control, and letting the business operate without excessive constraints, will enhance the value that organisations can deliver to stakeholders.

Organisations need to ensure that there are definitive, tried and tested processes, and controls to ensure there are preventative, detective, and corrective control processes in place to mitigate cybersecurity risks. Therefore, to maintain an appropriate security posture, organisations should seek support and guidance from experts.

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