Security and risk managers should focus on balancing risk, trust and opportunity to help maintain their organizations’ ability to function as a trusted participant in the digital economy, according to Gartner.
âIn the first half of 2020, defining risk appetite has become an even greater challenge for security officials,â said Jeffrey Wheatman, vice president of research at Gartner and conference chair.
âThe ability to communicate the real impacts of change and chaos, or in other words achieving the right level of balance, is essential for working with business stakeholders on defining and managing the business. ‘appetite for organizational risk and capitalization of opportunities,’ he explains.
Wheatman says during the COVID-19 pandemic, safety was key.
âDuring the initial response phase, security and risk management teams identified new and magnified risks, allocated resources and redirected investments to respond to business initiatives,â he said.
âNow that organizations have made their initial technology investments, Information Security Officers (CISOs) and Risk Managers have the opportunity to strengthen their organizations throughout the recovery and renewal phases.
âFor security teams, the recovery phase is an opportunity to detect and mitigate new risks that may emerge as a result of the initial response. “
Wheatman says the pandemic has also reinforced the critical need for security programs agile enough to respond to minor and major external shocks. As companies manage the recovery and renewal phases, they need to reorganize their programs to achieve this agility.
A recent Gartner survey found that 90% of CISOs believe digital activities will create new types and levels of risk. However, 70% of respondents said investing in risk management does not keep up with these new, higher levels of risk.
These results combined offer huge opportunities for security and risk managers, says Gartner.
âBusiness leaders continue to focus on safety as a strategic initiative. Organizations are exploring how technology can help them transform their operating models, âsays Wheatman.
âThis means that security and risk professionals have a fundamental role to play in helping their organizations navigate this transformation while avoiding unnecessary risk,â he says.
âSecurity and risk managers have a unique ability to give business leaders the information and tools to help them balance risk with the potential opportunity of digital transformation. “
Wheatman says the accelerated adoption of digital transformation means that interaction with customers and citizens will highlight the potential need to build teams dedicated to digital trust and security in businesses.
“These teams are responsible for assessing and managing the risks resulting from the ever increasing number of points of contact and the need to address a strategic view of customer risk and risk reduction.”
According to Gartner, finding the right balance between the business’s need to seize new opportunities to gain a competitive advantage and the need to develop appropriate security policies that mitigate priority business risks must be a key area for business leaders. security and risks until 2021.
âOnce the chaos of the recovery begins to set in, businesses will experience the real new normal. In this phase, the future begins to become more predictable, âexplains Wheatman.
âThis renewal phase provides a great opportunity for security and risk leaders to support their business objectives while being more proactive in identifying and managing risk and providing the resilience to move forward. “