Hacking, data breaches, and information security issues are ongoing threats in every industry and organization. The sophistication of cybersecurity risks has grown so quickly that many senior executives feel like they can’t keep up.
For many organizations, IT risk management resembles a game of whack-a-mole — every time one risk has been mitigated, another pops up. Reactive or manual management approaches fall short in adequately understanding and addressing the complexity and interconnectedness of risk across business functions. A seemingly isolated risk event can have a ripple effect, cascading through different departments and impacting your institution’s brand, reputation, and bottom line.
Ensuring that your IT risk management program has a pathway to maturity — the ability to scale as your organization grows or its needs change — is critical for keeping pace with risk and compliance management requirements. An immature IT and information security system won’t provide capabilities to monitor and understand your risk posture, leaving your organization vulnerable to exposure.
By contrast, an integrated management system provides a single source of truth for your risk data, revealing connections and dependencies across your organization. In turn, this equips stakeholders to make smarter, risk-based decisions that align with objectives. Being able to view information technology risks in the context of your business goals supports a strategic, big-picture approach to cyber resilience and risk management.
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