The Future of Technology Risk

Two decades ago, when I started my career, I was working with one of the Big consulting firms. They were known for their deep industry expertise and specialization in various sectors.??

Having attended the Supply Chain Cyber Security Summit as a co-Chair, and interacted with diverse Cyber Security & Risks Professionals, I realized how the entire technology risk landscape has undergone a profound transformation.??

Unfortunately, technology modernization has also brought forth a whole new range of risks. That's why it's crucial for the technology risk and compliance programs to be adjusted to the new reality.??

The technology risk operating model requires lots of innovation and creativity to stay ahead of the curve. With that said, let's look at what to expect with the future of technology risk.??

1. More Innovation??

In the past, risk management was often focused on minimizing negative outcomes. But today, it's all about being creative and staying one step ahead. We are no longer just playing defense; we are playing offense, too.??

Being innovative in tech risk now means constantly looking for new ideas and tools to spot and fix problems before they become a big deal. For example, using smart computers to analyze data in real time and identify potential threats before they materialize.??

2. Risk Assessment?

As data becomes an integral part of our lives, future technology risk professionals are looking at ways to harness the power of data analytics and machine learning to predict and mitigate risks.??

That said, real-time monitoring and rapid response will soon become a standard practice. That will enable organizations to stay one step ahead of threats and vulnerabilities through predictive analytics.??

In essence, organizations will analyze the historical data on cyberattacks, identify patterns, and build defenses against the threats. And since machine learning algorithms can continuously adapt to evolving threats, their accuracy will improve over time, allowing businesses to quantify the risks and focus on the most critical threats.??

3. Cybersecurity?

Cybersecurity will become more crucial as technology continues to make our world more interconnected. It will soon become integral to every technology decision- from software development to cloud adoption.??

That's why most organizations have started adopting the DevSecOps (Development, Security, Operations) approach. It makes security a major point of reference right from the software development process.??

4. Ethical Considerations?

At this point, technology has already been deeply integrated into our lives. That's why ethical considerations of how technology impacts our lives is vital. That includes assessing the ethical implications of AI, data usage, and automation.??

So, organizations should consider establishing ethics committees and frameworks to address these ethical considerations. These bodies will be in charge of evaluating the potential ethical impacts of our technology—for instance, responsible handling of data.??

Furthermore, organizations can consider transparency initiatives. What do I mean? Every organization should at least allow customers to understand how their data is used and how they use AI. That will help build trust and establish equity.??

5. Communication During Crises?

Organizations must establish means to communicate effectively during a crisis. They can consider using social media and other digital platforms to provide real-time updates during crises and keep stakeholders informed.??

Moreover, they can extend that communication to regulators and industry peers. That will create an open channel for sharing insights about emerging risks and best practices to manage risks.??

In Summary??

As we've seen, the future of technology risk is driven more by innovation, adaptability, and collaboration. While technology has transformed the digital world, what remains constant is that we still need forward-thinking professionals who can lead with creativity and resilience.??

The future of technology risk has its own challenges. But the good thing is that we have the opportunity to manage these risks and adapt positive changes that can shape technology for the better.??

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