The 2023 Digital Risk Checklist
“Security can no longer be an afterthought. With the right product strategy and tech ecosystem partners, going to market with the most secure device, application, cloud, system and connectivity in sync can accelerate success.”
Today, regulators, auditors, Boards and litigants increasingly expect companies to demonstrate the data supporting their decisions and choices in Risk Management: Priorities – Budgets - Technology choices – Processes.
This all starts with a data-driven analysis of the complete set of risk – and its ongoing cost – that the enterprise incurs as a result of its industry, size, and operations. Only then can we look at the portion of that risk that has already been mitigated through risk-reducing technology and processes. And only then can we quantify the remaining or residual risk left to be either mitigated or insured.
Risks that cannot be either mitigated or insured represent remaining risk, and these carrying costs must be funded essentially through “self-insurance” in the form of reserves, in order to avoid incurring unfunded liabilities. Needless to say, understanding these numbers and the relative impact of each of these categories, turns out to be essential to actively managing the overall digital risk landscape.