As we approach the first anniversary of the European Union’s General Data Protection Regulation (GDPR), cyber attacks are rocketing in 2019 with more than half of British firms reporting cyber attacks this year. Among firms reporting attacks, average losses associated with all cyber incidents have risen by 61% on last year.
Business executives are facing mounting scrutiny over cyber security measures as breaches rise, with densely interconnected regulation and more severe penalties. Risk and compliance management has become a critical part of operational and strategic decision-making.
A top priority for business leaders is enabling constant optimisation of their business’ existing risk and compliance framework. However, the majority of companies are admitting that they’re underprepared for breaches.
According to Dr Gero Decker, CEO of Signavio, mitigating and controlling risks while remaining competitive is a significant challenge for all organisations.
Dr Decker informed Risk Xtra: “Detecting and responding to cyber attacks is often stalled by a lack of transparency, as well as employees relying on complex manual and paper-based compliance systems. Siloed functional units and lines of business lead to a lack of accountability and an inability to comprehend the true potential impact on the wider business. With cyber attacks on the rise and no company immune from them, one thing is for certain – every business must proactively manage risk and ensure ongoing compliance. To truly remain committed to compliance, and make it more than just a ‘tick-box’ exercise, businesses need to harness existing internal data to be able to detect, prevent and mitigate breaches.”
Dr Decker continued: “Mapping out processes against regulatory frameworks such as the GDPR gives business users full visibility of areas where companies are handling data, what’s required, the risks involved and how to mitigate them. Identifying where the risks lie in processes will enable employees to apply relevant controls. In cases where an incident has already occurred, businesses can extract value to report breaches, discover what processes are impacted, identify the risks and controls in place or apply those controls where they don’t already exist. Business users can keep a log of recorded breaches from which to learn, speeding up detection and configuring workflows to meet requirements based on the nature of the breaches. In today’s digital age, robust and proactive risk and compliance management is a must in terms of future-proofing any business.”