In today’s cybersecurity and threat environment, risk management is becoming a vital part of how enterprises approach their security. However, many companies do not know how to properly manage their risks while still empowering business outcomes. Frequently, organizations underestimate and sometimes ignore the risks they face with their data and analytics practices, even in the face of warnings from security and risk management leaders within organizations.
High quality data management must be at the core of any effective risk management strategy. Security incidents that expose user or personal data can lead to damaging financial and reputational consequences for a business. Unless an organization knows where all types of sensitive data are created and live, effective security and risk management is impossible. While no software or product can make a company completely secure, implementing sound data management policies with a partner like Infoverity can help ensure companies prioritize the mitigation of unnecessary risk, while also still allowing the business to thrive.
As more companies move their data to the cloud, the necessity of securing this infrastructure becomes paramount. Companies must have data management strategies for the cloud that protect user data and ensure data practices comply with regulatory standards to avoid fines or harmful security breaches.
The integration of more endpoint technologies into data infrastructure increases the potential attack vectors for cybersecurity and data threats immensely. While endpoint devices help companies generate useful data, many of these tools are not secure. Companies must have data management practices that minimize the risks these endpoints pose.
There have never been more risk management and cybersecurity products available to support businesses. However, companies can easily waste resources on ineffective or inefficient tools. With a strong data management approach, companies can prioritize their cybersecurity spend to protect their most valuable data assets.
As data and analytics usage expands within a business, it becomes imperative to regularly audit the practices and products supporting these operations. Data and analytics leaders seldom have risk management experience. Consequently, companies often lack transparency into their risk exposure. Data management strategies can support organizations in securing their vulnerabilities.
According to a recent Gartner survey, SRM leaders believe they are unlikely to see budget cuts in cybersecurity, with over 80% anticipating an increase in their cybersecurity budgets in 2023. Forty-two percent of respondents expect their cybersecurity budgets to grow at a higher rate than inflation, while 41% of the respondents indicated that their budget will increase in line with inflation, keeping their purchasing power the same.
According to Gartner, Security and Risk Management (SRM) leaders mainly expect to derive speed and agility benefits from adopting technologies. Among the top value drivers for the technologies tested, 51% of technologies are expected to drive speed and agility of business processes, while 28% are expected to reduce risk exposure, particularly those related to endpoint and application security. SRM leaders perceive the deployment of application and data security technologies to be relatively lower risk, compared to infrastructure and perimeter security technologies. Respondents rated 40% of Infrastructure and perimeter security technologies as higher risk in comparison to 26% of application and data security technologies.
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