Are you cyber-ready or at risk?

Welcome to KPMG Insights, a monthly newsletter capturing the top business trends and insights you might have missed this month.

Cybersecurity Awareness Month reminds us of our role to empower our organisations and communities against cyber threats.

Our digital environment, like the changing seasons, continually transforms, presenting both challenges and opportunities. Next-generation technologies, talents and industry insights play a crucial role in shaping a secure and trusted digital future.?

In this issue of KPMG Insights, we explore the strategies that organisations can take to fortify their path forward, protect their assets and thrive in this digital era.

What’s next in IT?

Technological advancements, including AI and IoT, are reshaping the business landscape, driving innovation and transforming economic models. Thriving in this digital epoch requires organisations to seamlessly integrate both internally developed and outsourced technologies, like Everything-as-a-Service (XaaS) platforms, all while remaining vigilant against increasing cyber risks.

Here are six key trends shaping the future of IT:

1. Technology is crucial to drive innovation with partners to achieve goals, enhance user experience and foster business growth.
2. The labour shortage is growing and talent management will need to go beyond to retain and attract tech-savvy professionals through upskilling and creating an innovative workplace.
3. There is a shift from on-premises to IT consumed as a service.
4. Organisations are leveraging the power of data.
5. Cybersecurity remains paramount in the face of evolving threats.
6. IT is pivotal for ESG goals.

Read more on future-proofing your organisation's digital future.

Energising cyber resilience in the energy sector

Disruptions across the energy sector are accelerated by new technology, exposing companies to new opportunities and threats. CISOs are pivotal in both risk management and business growth. How can they mitigate the impact of cyber incidents to build resilience and trust?

Power up your cyber defences with these three key cybersecurity considerations:

1. Adopt a zero-trust approach to safeguard your ecosystem by securing a perimeter-less and data-centric future.
2. Prioritise security, privacy and resilience when working with new partnerships and models like outsourcing and managed services.
3. Plan proactively for recovery to be resilient when and where it matters.

Read more here.

Turning tech risk into a competitive advantage

Technology risk management is transitioning from a regulatory-driven approach to a strategic lever for growth and competitiveness. To foster stakeholder trust, IT teams must evolve into strong partners for the business.

Here are six steps to advance the technology risk imperative:

1. Reassess your technology risk operating model to align with emerging risks and compliance mandates for competitive advantage.
2. Utilise technology risk transformation to boost trust, strengthen risk management, reduce adverse outcomes and transform the risk function into a strategic partner.
3. Leverage data for ongoing risk monitoring not only enhances business value but also enables swift action when issues occur.
4. Prioritise upskilling and innovative work methods alongside the adoption of intelligent automation in risk functions.
5. Assess controls regularly to mitigate emerging risks and leverage pervasive controls across new technologies.
6. Start small, use agile methods, align with business strategy and involve stakeholders for valuable insights.

?Learn more about how KPMG can help turn risks into opportunities.