IT Brief Australia logo
Technology news for Australia's largest enterprises
Story image

The shape of risk management in 2022: Cyber risk quantification, ESG, and operational resilience

By Ryan Morris-Reade
Thu 6 Jan 2022

MetricStream outlines several trends and predictions on risk management that enterprises should watch in 2022.

The global integrated risk management (IRM) and governance, risk management, and compliance (GRC) company say the past 18 months have marked a turning point with a renewed focus for enterprises to reassess their GRC capabilities in constantly evolving market conditions. 

A recent Deloitte survey found that 84% of financial services firms in Asia Pacific aim to enhance existing resilience plans, with 88% reporting they were conducting or planning to conduct frequent simulation exercises.

"Based on recent events, 2022 will usher in a distinct focus on risk management and resilience driven by three key factors: cyber risk quantification with GRC, Environmental, Social, and Governance (ESG), as well as operational resilience," says MetricStream senior VP and managing director, APAC, Aravind Varadharajan.

Cyber risk quantification  

According to IDC, investments in security-related products and services are expected to grow at a five-year CAGR of 13.3% and reach a massive US$35 billion by 2024 in Asia Pacific. This is due to the exponential rise in cybercrime sophistication. The figures indicate that many enterprises still use traditional or antiquated processes to assess cyber risk.

"For too long, Chief Risk Officers (CROs) and Chief Information Security Officers (CISOs) have been dependent on heatmaps or high/medium/low-risk scores to measure risk," says Varadharajan. "Moving forward, enterprises should incorporate a full scope of GRC digital tools to measure impact in quantifiable terms."

MetricStream believes many enterprises will likely do away with traditional risk assessment measurement tools in 2022 and instead adopt advanced cyber risk quantification tools for precise measurements of an enterprise's risk appetite by assigning a dollar value. These tools can allow the enterprise to measure, manage, and see risk holistically to gain valuable insights. With this knowledge, risk and security professionals can justify investments to C-suite and board members in quantifiable terms.  

Environmental, social, and governance

ESG is becoming more important for many businesses across industries in the region. According to the 11th annual EY/IIF global bank risk management survey, 100% of Asia Pacific CROs recognise climate change as a top risk requiring their utmost attention – compared to 49% globally. In comparison, European organisations widely heralded as leaders in ESG action have resorted to dropping clients to avoid costs tied to ESG risk.

Enterprises must incorporate an element of managing ESG risk to overcome its cost, and this is an emerging area of governance, risk, and compliance (GRC). In 2022, MetricStream says implementing an ESG-enabled GRC strategy will take precedence among enterprises to accurately measure and report ESG scores.

Operational resilience

Enterprises that weather the storm in an environment with constant change do so by having plans in place before the next crisis. Spearheading this movement, authoritative bodies in the region have begun embracing operational resilience requirements within the financial sector with many regulations and guidelines.

MetricStream says adopting an effective GRC strategy to rationalise data from varied sources across the enterprise ensures that leaders will be well on their way to managing, embracing, and ultimately thriving on risk in 2022.
 

Related stories
Top stories
Story image
Tech job moves
Tech job moves - Adatree, Brother, Databricks, Nutanix & Rubrik
We round up all job appointments from May 20-26, 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
Customer experience
The importance of service level management to customer experience
Staffing shortages have impacted site reliability engineers in particular since they are under extreme pressure to ensure that digital assets perform at optimum levels 24/7.
Story image
DevOps
Deloitte expands cloud observability practice with Dynatrace
Deloitte is expanding its cloud observability practice, including DevOps principles, AI/ML, cloud complexity management and software engineering.
Story image
Contact Centre
Leveraging technology in contact centres to reduce attrition rates
Many organisations worldwide have accelerated DX to better respond to changing market drivers and business environments after the disruption of the pandemic.
Story image
Malware
Fortinet introduces self-learning AI in latest offering
Fortinet is introducing self-learning AI capabilities in its new network detection and response offering, FortiNDR.
Story image
Sustainability
Aligned Data Centers increases sustainability-linked loan
Aligned Data Centers has increased its sustainability-linked loan from $375 million to $1.75 billion to speed up the next phase of its strategic growth.
Story image
Check Point
Check Point and CCTV expert join forces to boost protection
The partnership will involve Check Point Quantum IoT Protect Nano Agent being embedded in Provision-ISR’s CCTV cameras for on-device runtime protection.
Story image
Sustainability
SoftIron named global leader for efficient DC infrastructure solutions
SoftIron has been named a global leader for supplying energy-efficient data infrastructure solutions for core-to-edge data centers after an assessment by Earth Capital Ltd.
Story image
Digital Signage
MAXHUB's Digital Signage range to bolster boardroom productivity
The new MAXHUB Digital Signage technology is purpose-built to make every kind of team meeting more effective.
Story image
Digital Transformation
Harnessing digital innovations to maximise loyalty programmes and improve CX
When it comes to the retail sector, merchants have never had access to so many different client touchpoints and data to understand their customers better.
Story image
Cybersecurity
4/10 Australian SMEs fallen victim to cyber-attacks since pandemic
Almost four out of teb SMEs in Australia have fallen victim to cyber-attacks since the pandemic began, according to a new study.
Story image
Cyber attacks
Devastating cyber attacks expected to hit energy sector
Energy executives anticipate life, property, and environment-compromising cyber attacks on the sector within the next two years.
Story image
Microsoft
Microsoft, Cloudian partnership offers data center flexibility
Cloudian’s HyperStore object storage platform is now integrated and validated to work with Microsoft SQ Server 2022, offering more flexible and scalable data centers.
Story image
Digital Transformation
Digital transformation increasing business complexities
A new survey suggests businesses must re-examine their digital transformation approach to better help employees adapt to change.
Story image
Transport
Third-party automotive apps bear significant privacy risks
Mobile applications for connected cars provide various features to make life easier for motorists, but they can also be a source of risk.
Story image
SaaS
MedCart achieves close to AUD$10 million in sales with help from Marketplacer tech
Australian health and medical start-up MedCart has achieved annual sales of close to AUD$10 million in less than 12 months, utilising Marketplacer marketplace technology to help achieve successful results.
Story image
VPN
The most common online scams in Australia
No one is safe from online scammers, and many of these scammers have capitalised on the pandemic, using this confusing time to attack more people than ever.
Story image
Microsoft
Elevation of Privilege the top 2021 Microsoft vulnerability
BeyondTrust has released its 2022 Microsoft Vulnerabilities Report, finding that Elevation of Privilege is the top vulnerability category for the second consecutive year.
Story image
Managed service provider
Barracuda MSP Day 2022 highlights MSP opportunities
Barracuda Networks has released a report showing global services-related MSP revenue is set to increase by more than a third in 2022 compared to 2021.
Story image
NVIDIA
NVIDIA announces a spate of new innovations at Computex 2022
NVIDIA has announced its latest innovations in data center, robotics, content creation, and gaming in a virtual keynote address on the opening day of Computex 2022 in Taipei.
Story image
BYOD / Bring Your Own Device
How zero trust can lead the battle against ransomware
SecOps teams champion a zero trust strategy to support the fight against the escalating risk of cybercrime and help monitor threat actors across a network.
Exabeam
Find out how a behavioural analytics-driven approach can transform security operations with the new Exabeam commissioned Forrester study.
Link image
Story image
Microsoft
Microsoft previews Power Platform website design offering
Microsoft has announced the preview of Power Pages, the fifth product in its Power Platform family, designed for low-code makers and professional developers.
Story image
Data Center
Preventing downtime costs and damage with Distributed Infrastructure Management
Distributed Infrastructure Management (DIM) can often be a lifeline for many enterprises that work with highly critical ICT infrastructure and power sources.
Story image
Ponemon Institute
Email revealed to be riskiest channel for data loss
More than half (60%) of organisations experienced data loss or exfiltration caused by an employee mistake on email in the last 12 months.
Story image
DaaS
NetApp launches Spot PC, a new Desktop-as-a-Service solution
This is a new managed cloud DaaS solution with security, automation, observability and optimisation capabilities, designed for the needs of today.
Story image
Boost Mobile
Boost Mobile now makes up over 7% of Aussie prepaid market
Boost Mobile has doubled its market share over the past four years and now has more than 7% of Australia's prepaid market, equivalent to over 700,000 people.
Story image
Informatica
Informatica, Oracle enter strategic global cloud partnership
Oracle named Informatica as a preferred partner for enterprise cloud data integration and data governance for data warehouse and lakehouse solutions on OCI. 
Story image
Kubernetes
Sysdig unveils new Kubernetes troubleshooting and cloud innovations
Sysdig has introduced two new innovations that look to help bolster cloud services and simplify Kubernetes troubleshooting.
Story image
GapMaps
GapMaps Live to improve brand decisions on physical locations
GapMaps has released its latest service GapMaps Live, giving more insights and features to help brands make better decisions about physical locations.
Story image
APAC
Top data and tech challenges for APAC banks - report
InterSystems’ new report finds that 87% of A/NZ banks experience frustrations and concerns in using their data to drive decision-making.
Story image
Data Protection
Information management capabilities to meet privacy requirements
Organisations with customers or operations across more than one country face a spate of new and proposed privacy and data protection laws.
Story image
Multi Cloud
Red Hat updates dev tools, empowers use of hybrid and multicloud
Red Hat has unveiled updates across its portfolio of developer tools, designed to help organisations build and deliver applications faster.
Story image
Cybersecurity
Accenture - a collective security approach a driving factor for cyber resilience
With the approaching Davos World Economic Forum upon us, it is even more imperative to discuss the impact of cybersecurity on business operations leading into the future.
Story image
Cybersecurity
What every CISO must answer to enable a best-in-class security operations program
It has been widely reported recently that South Australian government employees have been the victims of a cyberattack.
Story image
Infosys
Consumer relationships with digital services continues to change
Two years of pandemic-induced reliance on technology for work has altered our relationship with digital apps and services, new research has found.
Story image
Hybrid Cloud
Barracuda expands cloud-native SASE platform
"The expansion of Barracuda's cloud-native SASE platform for hybrid deployment models and IIoT environments solves a number of challenges."
Story image
Symbio
Symbio consolidates TNZI business to support APAC expansion
Symbio has recently announced the consolidation of its international business (TNZI) under the Symbio brand to support its Asia Pacific expansion strategy.
Story image
Training
Infosec unveils role-guided cybersecurity training roadmaps
Infosec Skills Roles maps hands-on training and certifications to the 12 most in-demand cybersecurity roles to maximise training efficiency.
Story image
Silver Peak
The path to an adaptive, modern network
Managing and securing the network looks different than it did just two years ago—especially given that most of these networks are made up of multi-generations of infrastructure stitched together over time.
Story image
Surveillance
i-PRO releases smallest AI-based surveillance camera on the market
The new i-PRO mini network camera is now available, with a pocket-sized form factor and full AI analytics functionality.
Story image
Phishing
MailGuard warns of new scam targeting Telstra customers
Telstra customers in Australia are being warned of a new scam involving "Unsuccessful Payment" messages.
Story image
SaaS
The paradox of change, and how to get around it
The business decision to technologically transform should not come from an IT department but from the business itself.
Story image
Artificial Intelligence
Gartner reveals top three tech trends for banks this year
Gartner says generative artificial intelligence, autonomic systems and privacy-enhancing computation are gaining traction in banking and investment services.