New technologies are transforming every aspect of modern life, from how we run our social lives to the way we do business. New methods of communication, and of storing and using information, can bring huge benefits. But they also create new risks and it is vital that organisations understand and manage their risk exposure.
‘Cyber risk’ can mean financial loss, disruption to business processes or damage to organisational reputation related to failure of information technology systems.
But it isn’t just a matter for the IT team. Cyber risks are impacted by human factors and organisational structure just as much as by the IT systems that are used. So it’s vital that finance professionals understand how the risk landscape is changing, to make sure a proper risk management framework and processes are in place.
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Those responsible for risk management within an organisation need to have a full
understanding of the nature of the risks and also of the practical tools and techniques that are available to address them.
Carolyn Williams MIRM
Institute of Risk Management