5 Major Aspects of Business Transformation & Technology Integration for Risk Management

Business Transformation

By all measures, India is marching towards becoming a digitally advanced country. The Digital India initiative is a testimony to us becoming a digital nation. Undoubtedly, all these aims to empower citizens via universal online access to government services. In this new economy, payment systems inform and influence IT capability requirements, website and physical store design, marketing strategies and more. To push digital payments in India, Finance Minister Nirmala Sitharaman announced in the recent budget a slew of measures to reinforce the government’s stand.

Business survival, let alone success, depends on digital transformation. By digitizing products, services, and processes, enterprises can gain the agility and operational efficiency needed to keep up with competitors.

Strategy, skills, employees, customers, and operations have to all play a role in the actual technology solution to achieve true transformation. A lack of security across any one of these aspects can leave your company exposed to far more downside than any upside you hope to achieve.

Five things to Consider when Creating a Digital Transformation Risk Management Plan:

  • Securing Data Everywhere Data has significant monetary value to companies. It’s also worth a lot of money to hackers, criminal organizations, and even foreign governments. Trade secrets, customer credit card numbers, personal health information, social security numbers and more are all worth vast sums on the black market.
  • Predicting Cyber Attacker Behaviors Successful risk management begins with an understanding of the cybersecurity landscape. Only then can you take the steps you need to put up the proper defenses. Threat modeling enables you to find, evaluate, and create a plan for reducing the risk of threats.
  • Providing Security at the Edge Regardless if it’s big data, IoT, analytics, artificial intelligence, mobility or another initiative, digital transformation means more moving parts for your organization. While it’s important to secure the core of the enterprise, don’t forget to also secure the edge by addressing the needs of every asset, platform, and website connected to your network.
  • Making Security Virtual Virtualized security tools allow a security team and its partners in IT infrastructure to be more agile by enabling them to spend more time on compromise protection and detection and less time on hardware management.
  • Monitoring Compliance Digital transformation fuels innovation and efficiency, but it also brings complexity to the transformed organization’s risk and compliance landscape. The Global Data Protection Regulation (GDPR), and others, must be taken into account when implementing new computing models and new means of processing data, as the penalty for noncompliance with GDPR (and so many other ever-emerging regulations) is significant.

Source: Ciol

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