James Lam Associates, a consulting firm for risk management that works closely with CISOs, CROs, CFOs, and CEOs, conducted a study on the principal reason organizations suffer financial distress. The research found that 61% of incidents were due to strategic risks, 30% to operational risks, and 9% to financial risks. In spite of such high…
Digital assets and data are the lifeblood of every organization today. But as with everything precious, they’re constantly at risk of being unlawfully accessed, tampered with, stolen, or transmitted. Such malicious actions can not only cause irreparable harm and damage to the organization but can severely hamper future business prospects. Cyber risk assessments are periodical…
No CTO in their right mind trusts their vendors and contractors completely. Irrespective of their relationship, vendors will need to fulfill a due diligence baseline to qualify as a good fit and a safe choice. But what separates your company from being a secure one from a vulnerable one is the depth of your due…
A report by Bloomsberg states that companies are spending 6-10% of their revenue solely on compliance! Furthermore, over 50% of executives see cybercrime as a top five risk now and in the next three years, with concerns rising. The above statistics are pieces of evidence that in the absence of compliance, you can lose money…
With risks becoming increasingly interconnected, the risk management process involves many moving parts. As risks often share multiple points of intersection, they can quickly escalate into events that could potentially collapse a business. Reacting to a crisis when you’re already in the midst of it is far from ideal. Forward-thinking businesses know how crucial it…
In a recent Gartner survey, 84% of the respondents (who were risk committee members) claimed that third-party risk gaps highly disrupted their business operations. Any organization that relies on third-party vendors for critical business functions should develop and maintain an effective Third-Party Risk Management policy. A strong third-party management policy can go a long way…
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