Investments in Information Security programs and cybersecurity tools continue, yet the threat of breaches, including the compromise of sensitive information, business disruption and reputational risk, have kept Cyber risk in the top spot.
With more work being conducted remotely, rapid investment and implementations of new applications and system upgrades, as well as changes to organizational structure and changes in the workforce, businesses are being forced to evolve and adapt, often at a brisk pace.Ĭybersecurity took the #1 spot on this year’s list, as has been the case for several years. Risks such as Cybersecurity, Data Governance and Business Continuity, already top of mind to many over the last decade, have elevated in significance thanks to the pandemic and its impact on how businesses operate. The Pandemic and an Elevated Risk Profile Business Continuity and Crisis Management.The report, which was compiled through surveys and interviews with board members, c-suite executives and chief auditors, identified the following as the top eleven risks for 2021: The report provides a universal view of key risks across all industries, but it is no surprise that several of the eleven key risks have a direct intersection with the technology sector. It offers a detailed look at the greatest challenges expected throughout 2021 and how aligning risk management can increase success. The report discusses how the three key players in an organization’s risk management align (or misalign) in their view of these risks. The Institute for Internal Auditors (IIA) has published its second annual OnRisk report: ‘ OnRisk – A Guide to Understanding, Aligning, and Optimizing Risk,” which identifies and defines key risks, as perceived by boards, management, and chief audit executives (CAEs). Effective risk management can help businesses manage expected and unforeseen challenges so that they can benefit from the significant opportunities in the technology sector today. Society’s changing habits and widespread adoption of a digital way of life present challenges as well as opportunities for companies in the technology sector.
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