The Institute of Risk Management, supported by CGMA, has launched a report which explores risk management in the context of cyber risk.
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.