Effective Security? From risk management to real business advantage |
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Effective Security? From risk management to real business advantage
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Risk and security departments are becoming so caught up with fire-fighting everyday risks they are missing the threats from more subtle areas of converged risk.
Converged risk is defined as those risks which emerge when traditional IT risks converge with new (non IT) risks, such as protecting brand, intellectual property, people protection, stock shrinkage, anti-counterfeiting, cyber-crime, espionage, parallel trading and online fraud. To name but a few! It is difficult to identify and is often misunderstood or simply 'missed', because of its complex nature.
Our research highlighted that risk and security departments are not even aware of its existence until it is too late and a breach or incident occurs.
Boards need to recognise that converged risk is a strategic business issue. The increasing threat and the rising impact of possible breaches and related incidents mean the prevention and detection of ‘converged’ risk should now be on every Board’s agenda.
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