Chasing Digital

CHAPTER 8Technology risk management

Take calculated risks. That is quite different from being rash.

George S. Patton

 

Technology risk management today is very different from what it was ten, or even five, years ago. In our hyper-connected world, the inherent cyber threats of doing business have increased, requiring new risk management practices to protect your company. Risk, security and legal professionals are struggling to keep up as businesses suddenly find themselves dealing with a fundamental shift in their value chains, requiring new strategies and business models to stay competitive. This may sound scary, but you have to remember that the cyber threat pales in comparison with the risk of doing nothing and choosing to ignore the need to embrace digital.

As discussed in part II, data underpins the future growth of your business, which means your organisation must develop a strong understanding of data regulation, specifically that relating to confidentiality and privacy. Legislation surrounding data is constantly changing and can be a minefield, so it’s important your organisation continuously updates policies accordingly and employs or engages expertise in this area. Ensuring growth also requires a fundamental shift in how you approach technology licensing. Perpetual, one-off licences are now an outdated practice; subscriptions, or pay-as-you-go solutions, are the new norm. At the core of this change is the increasing demand for cloud services. Gartner projects a rise ...