Knowledge-driven World Spurs Innovation but also Brings Risk

We live now in a knowledge-driven world where advanced technologies like ‘big data’ analytics spur innovation and boost efficiency. Thanks to it, companies are now able to collect and analyze a large set of data, allowing them to study the industry’s trends and patterns, in a real-time.

Increasing digitization of businesses, however, has also given rise to cybercrimes. Every year, businesses witness cybercrime related losses that run into billions of dollars. Our information systems today are constantly under risks. Ransomware, hacking from rogue elements, and denial-of-service assaults are very rampant.

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Disruptive Technologies Have Changed the World but Also Increased Risks

Disruptive technologies such as Internet of Things (IOTs) and cloud computing have created enormous opportunities for global organizations. They have changed the way global corporations conduct business. According to the Australian government, disruptive technologies could generate up to $625 billion through economic activities every year by 2030 in the Asia-Pacific (APAC) region alone.

While disruptive technologies create new opportunities they also make IT assets vulnerable. Indeed, with tons of data stored in cloud, organizations risk data breach from malicious outsiders.

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Management at the Top Companies Least Prepared for a New Type of Risk

The only thing predictable in any business is unforeseen risk. Risks come in many types. Manufacturing companies stay exposed to supply chain risks, while financial institutions are vulnerable to regulatory changes and wide gyrations in markets. Besides, risks emanating from social and political upheavals, terror attacks, and natural disasters also keep managements on tenterhooks.

That’s why, one of the key roles of top management is to foresee risk and asses how it will impact their organization. The idea is to create a robust organization that can withstand external shocks.

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