There are a number of critical components to becoming a digital organization. Five to consider are:
- Business process optimization
- Actionable insight
- Innovation culture
- Information security
Often overlooked is security. Nothing will aggravate customers and employees more than a breach in security. What is clearly needed is a continuous improvement process around cyber security.
Proactive Enterprise Risk Management that demonstrates an unrelenting commitment to information security and privacy reduces the cost of compliance and builds trust with the customers. Recent financial and personal information breaches has resulted in billions of dollars of losses to the Financial Industry. These incidents have increased customer aversion to share personal data digitally.
Industry data proves that there is no significant difference between security breaches in storing data privately versus in the cloud. But customers and the industry alike are still coming to terms about the dependability and security of storing their data in the cloud. The interchange of data through the ‘Internet of Things’ makes personal data security and privacy much more vulnerable. This puts pressure on the cost of information management and can slow down the implementation of successful digital strategies. Therefore, it is critical to have a clear Enterprise Risk Management strategy and implementation plan which delivers the highest security standards.