Don’t Forget To Manage Cyber Risk

Manage Cyber Risk

The world has moved online in the past decade and as businesses move more and more processes and business data into the cloud the number of cyber risks is growing in line with it.

We are now living in the ‘Big Data’ world and everyone remembers high-profile cases of government departments losing data on disks they were carrying around but the data stored in the cloud is also highly susceptible to unauthorised access so shouldn’t be forgotten when an organisation is planning how to manage its risks.

Paying testament to this fact is the announcement from the European Commission that they propose a comprehensive reform of data protection rules, to ensure that suitable safeguards are in place to ensure the security of personal data in the digital age.

Speaking at the Institute of Risk Management’s Risk Leaders Conference in November last year, Martin Donnelly the UK’s Permanent Secretary of State for the Department of Business, Innovation and Skills, told over one hundred leading risk figures:

“It is now reckless to ignore the risks that these threats represent, or to assume that the responsibility for protecting information or corporate value rests elsewhere. So we hope attacks won’t happen but if they do how resilient is your organisation [and] how quickly can you recover?”

In an article last November, Risk Management Professional compared the approach of UK businesses to cyber security to the ‘Wild West’ but it doesn’t have to be this way. Integrating standards and control procedures in an ERM solution can ensure that cyber risks are being managed in the way they need to be to ensure your business data remains secure.

The benefits of the cloud mean that with the right safety and security measures in place you can access your data from anywhere at any time so you can always keep on top of any non-conformances and get the business back on the right track before it becomes a serious issue.

This means not only that your data security can be ensured through risk management but your entire organisation’s performance can be improved, meaning you can:

  • Cut costs and save time through fewer health and safety issues
  • Improve quality control so see a reduction in product recalls and customer complaints
  • Increase your brand value through demonstrated compliance with environmental standards.
Ed Brandvik

Ed Brandvik works for Sword Achiever, helping companies achieve sustainable growth through the management and control of risks and compliance pressures.