Today’s smart devices could become tomorrow’s headache.
This comes with obvious financial implications for companies. 80 per cent of survey respondents believe organisations should be liable for compensating their customers for personal data breaches. Meanwhile, 35 per cent of survey respondents say they have chosen not to buy a product or service because they were asked to share personal information they didn’t want to give out.
Second, the buck stops at the top. In many organisations today there are hundreds of legacy technology systems which have thousands of individual security vulnerabilities or missing controls that are well known in the “engine room” but not at a higher level.
Unfortunately, it’s very common for available budget to be what guides risk acceptance, rather than the other way round – and ultimately, it is those at the top who will wear the responsibility of deficient risk management processes.
Accountability also means looking ahead to anticipate how emerging changes impact the level of risk being carried. For example, in 2022 the cyber insurance industry moved to exclude cover for cyber-attacks linked to nation-states, which leaves some companies…
