Businesses Struggle with Risk View Despite Enhanced Security Posture

Businesses Struggle with Risk View Despite Enhanced Security Posture

By Greg Tavarez

Inflation, war and natural disasters dominate today’s headlines. Then, add in the SEC cybersecurity rules changes that require advisers and funds to implement written cybersecurity policies and procedures, disclose significant cyber incidents and maintain cybersecurity records.

It’s no wonder companies have cyberattacks among their highest concern along with supply chain issues and market volatility with data breaches, security and fraud and economic slowdown being the top risks to revenue growth. As a result, 90% of organizations took action and adopted heightened cybersecurity posture, according to a Diligent survey.

Adopting heightened security practices vary. They ranges from requiring MFA for remote access to the organization’s network and ensuring software is up-to-date to figuring out a security model created specifically for cloud computing. This practice comes down to the company itself and makes one question if they are investing in the right areas for more effective risk management and compliance.

More than a third of companies are maintaining oversight of global entities and their risk profiles as well as using technology to gain a holistic view of risks across the organization. That said though, 42% of companies say the inability to connect data from disparate systems to paint a holistic picture of risk is a significant challenge for their company.

“The role of the risk professional is more important and complex than ever,” said Brian Stafford, CEO of Diligent. “Leaders are tasked with balancing risk and purpose while also continuing to drive performance. Yet, nearly half of organizations struggle to capture a complete view of risk.”

To help capture a complete view of risk, companies need to adopt intelligent software This will enable organizations to apply an integrated risk management approach to gain a complete view of their risk posture and prioritize and respond to the highest risk areas.

Risk professionals will have access to insights with the built-in dashboards and customizable reporting, which will then provide the board and executives the knowledge to make data-driven decisions with confidence.

“Risk professionals require intelligent software that gives them an integrated view of risk so they can deliver assurance across the business,” said Stafford.

Edited by Erik Linask
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MSPToday Editor

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