By Aparna Achanta, Principal Security Lead, IBM
Risk management in organizations is more than a routine checkbox exercise. Instead, it is the foundation of business resilience.
What is the impact of security risks? Failing to implement appropriate and proportionate security measures can result in data breaches, infrastructure lapses and the loss of intellectual property, among other consequences. The outcome of such incidents causes financial loss, reputational damage and operational disruption. Worse still, ignoring risks has hidden costs that lurk beneath the surface. Such hidden costs include lost business opportunities when potential customers opt for supposedly secure competitors. Additionally, data breaches can lead to long-term instability for the business.
Therefore, overlooking risk management is a poor decision that opens the door for cybercriminals to cause significant harm to your business.
Examples and Consequences of Poor Risk Management
Some real-world examples illustrate the consequences of organizations whose cyber risk management strategies fall short.
Vulnerabilities in Systems
First, let’s consider the reliance on vulnerable IT and operational…
