Though digital transformation is necessary, it's accompanied by some serious risks. This is the scaling conundrum of 2021 - organizations must embrace digitization to remain relevant, however, the greater the digital transformation, the greater the associated digital risks. Thankfully, with the correct digital risk management, organizations can continue to safely embrace digital transformation while mitigating the byproduct of digital risks.
In the high-pitched, relentless battle against cyberattacks, much of the attention and energy has been focused on technical solutions, regulatory compliance, and balancing risks with opportunities. What about corporate governance? What role does executive and board-level oversight play in ensuring robust cybersecurity … and what role should it play?
Digital risks are an inevitable by-product of an expanding ecosystem, and an expanding ecosystem is essential to societies' progression into the fourth industrial revolution. This unsettling conundrum has given rise to a novel field of cybersecurity known as Digital RIsk Protection (DRP). But like all novel solutions, it can be difficult to identify the capable minority from the majority still finding their feet.
Digital risk refers to all unexpected consequences that result from digital transformation and disrupt the achievement of business objectives. When a business scales, its attack surface expands, increasing its exposure to outside threats. This makes digital risk an unavoidable by-product of digital transformation. Fortunately, digital risk protection strategies have been developed to mitigate digital risk so that organizations can continue confidently scaling their operations.
David Klopp, Managing Director in the Cyber Risk practice of Kroll, recently spoke at the first session of PARIMA’s Confident Response Series 2021. The series aims to fine-tune incident response preparedness and help risk managers understand the latest tactics, techniques and procedures from the most successful cybercriminals, leading to deeper collaboration with business partners and mitigation of technical, legal and reputational risks.
