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Navigating Technology Risks

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One of the key questions being asked by audit committees and boards of directors of organizations around the globe is whether their emerging technology risks are being properly identified and managed. To that end, the Global Internal Audit Common Body of Knowledge (CBOK) released “Navigating Technology’s Top 10 Risks,” which identifies the top technology risks and ways that organizations can learn about and address these risks.

Here are the top five out of 10 risks ranked by the study:

1.      Cybersecurity

One of the biggest cybersecurity risks faced by companies is the possibility of theft of confidential data by external perpetrators, and the study found this is the most discussed IT topic among executives, internal auditors, audit committees and the board. One of the biggest cybersecurity risks faced by companies is the possibility of theft of confidential data by external perpetrators.

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More than 70% of survey respondents consider the risk of a data breach to be extensive or moderate, while 82% of IT specialists consider this risk to be even higher.

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2.     Information Security

With the recent spotlight on data breaches, the current focus is a layered defense of critical information rather than a single layer of protection.

A strong information security program encompasses:

● Robust risk assessment process

● Effective governance and compliance procedures

● Documented and communicated information security policies and standards

● Effective security awareness training program

● Efficient access control procedures

● Tested disaster recovery, business continuity and incident response programs

● Operational asset management, network management, patch management and change management processes

● Tight physical security

3.     IT Systems Development Projects

While organizations need to update their technology systems, success rates are low. The study found that the success of systems development projects was 16.2% for overall success, 52.7% for challenged projects and 31.

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1% for impaired or canceled projects.

Examples of project objectives not achieved include missed deadlines, cost overruns, efficiencies not delivered as expected, flawed software that was not tested before implementation, reduced integration from the initial plan and less functionality than was identified in the business case when the project was approved.

4.     IT Governance

In many organizations, management questions the amount of money spent on IT and increasingly monitors IT costs. This added emphasis is also due to the widening gap of what IT thinks the business needs and what the business thinks IT can deliver.

A good IT governance program must have these elements:

● Clear alignment to business

● Measurable value delivery to business

● Accountable controls of resources, risk, performance and cost

IT Governance Activity

5. Outsourced IT Services

Because of the increased focus on IT costs, some key IT services have been outsourced. According to the study, this can expose an organization to risks that may remain undiscovered until a failure occurs. An average of six out of 10 internal auditors surveyed said they expect an increase in audits of outsourced IT services over the coming year, according to CBOK, which is administered through the Institute of Internal Auditors. The largest increase is expected in Sub-Saharan Africa and the smallest in Europe.

Aerospace Market Premiums Continue to Fall

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Favorable loss records and low claims in the aerospace industry has led to steadily falling premiums of about 5% for the past eight years and jumping to 8% in 2014, according a report by Aon Risk Solutions.

Aon’s Aerospace Insurance Market Report 2015 found that the industry’s improved risk profile is the result of enhancements in technology and security as well as better working practices. Claims have averaged about $200 million, while annual premium is more than $700 million, which could suggest “that despite the price of lead premium falling for eight consecutive years, there is still a long way for the sector to fall,” Aon said, noting that the reality is that the premium level reflects the potential for massive, exceptionally complicated claims. “As a result, while the price of premium could continue to decline gradually in the absence of major claims, the soft market conditions are unlikely to accelerate.”

While an improved risk profile plays an important role, another major factor is that the insurance industry “has become a haven for global investment capital, offering enhanced returns in comparison with other financial markets,” according to the study. This has increased capacity in the market and created competition that has driven down prices. “This could mean that current levels of competition in the market for aerospace business will decline and the pace of reduction in the aerospace insurance markets will slow. There is little evidence that this process is taking place at this stage, but it is a factor that could change during the next couple of years,” the study said.

According to Aon:

Smaller Companies At Higher Risk of Employee Theft

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While every organization is at risk of employee theft–with the typical company losing 5% of revenue to fraud each year–smaller organizations with less than 500 employees (72%) were the most targeted.

According to The 2015 Hiscox Embezzlement Watchlist: A Snapshot of Employee Theft in the U.S., of the smaller companies targeted, four out of five had less than 100 employees and more than half had fewer than 25 employees. Smaller organizations also had the largest losses, according to the survey. Financial services companies were most at risk (21%), followed by non-profits, labor unions and municipalities.

Hiscox noted steps organizations can take to minimize employee theft, adding that this is most important for small- to medium-sized businesses, which can be more impacted by theft. In fact, the survey found that 58% showed no recovery of their losses.

Perpetrators of crime include tellers, bookkeepers and office managers. There is also a wide variety of schemes that have been used. 

Data Protection in the Cloud: Planning for Data Loss and Downtime

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As we brace for another season of tornadoes, hurricanes, forest fires, earthquakes and floods, all businesses should be asking, “Is our data protected should disaster strike?” Or more simply, “What happens if we lose our data?”

Sadly, despite the fact that significant portions of the country are at risk for severe weather and other natural disasters, not all businesses are thinking pragmatically about catastrophic data loss and downtime, which can lead to staggering financial losses and impact productivity, reputation, regulatory compliance, and ultimately the bottom line.

According to a global data protection study released in December, enterprises are losing as much as .

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7 trillion annually through data loss and unplanned downtime. Data loss is up 400% since 2012, and two-thirds of the 3,300 organizations surveyed had experienced data loss in the last 12 months. Researchers found that although a high percentage of organizations had disaster recovery plans in place, surprisingly few had implemented data protection practices and fewer than half employed remote, cloud-based data protection. Seventy-one percent of organizations were not fully confident in their ability to recover after a disruption.

If your business is unprepared for a disaster, then act now to improve your resilience and mitigate risk. Plan for natural catastrophes and man-made disasters alike (such as theft, hardware failure, human error, system failure, computer viruses, power failure and accidental deletion).

Disaster preparedness begins with a business continuity plan. This serves as your playbook for staying in business following a disaster and it enables you to restore operations and communications systematically while helping minimize risk. Ask your IT department to incorporate the steps needed to safeguard your IT infrastructure from disaster, including backup and recovery measures.  In today’s highly-regulated environment, having a secure backup and recovery solution that meets the stringent requirements defined by Sarbanes-Oxley, Gramm-Leach-Bliley, HIPAA, FISMA, PCI, ISO and other regulatory standards is expected.

During this process, develop a clear understanding of where the cloud fits in and how it can help save time, money and resources.

Businesses are increasingly backing up their data and apps in a secure, off-site cloud environment (not in the physical office), because the cloud is faster than other options and typically offers the most protection at the lowest cost.

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Recovery in the cloud requires no travel and no extra hardware, and it offers extreme levels of reliability.

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Should disaster occur, a cloud solution allows the continuously backed up systems to be restored as virtual machines. All of the cloud’s benefits speak to why highly regulated businesses protecting sensitive data are finding that virtualization technologies make it simpler to comply with stringent security and compliance regulations governing electronic storage and access to data.

Here are seven steps to help businesses plan for data loss and downtime:

  1. Identify the risks. List and categorize all natural and man-made threats and their impact on various systems. Ask what would it take to knock out our entire network and how much unplanned downtime can our business sustain?
  2. Inventory IT assets. Which are most critical to maintaining business continuity? What’s our tolerance for loss of those assets? The cost of the response should be balanced against your tolerance for system downtime.
  3. Define goals. In a worst case scenario, how long can our business shut down? Does it need to recover off-site? Define goals in terms of RPO (Recovery Point Objective, “How much data can we lose?”) and RTO (Recovery Time Objective, “How long can we be down?”).
  4. Develop a plan. Include “IT Assets Inventory,” data protection procedures and contingency plans, notification/activation schedules, a list of roles and responsibilities, a list of resource requirements, and details about training provisions. Good plans include maintenance and backup/recovery testing schedules.
  5. Understand the cloud’s benefits. Virtualization technologies make backup and disaster recovery vastly faster, cheaper and easier. The combination of the cloud and the right backup and disaster recovery solution allows for continuous data protection (so the backups always run 24/7/365) as well as consistent compliance and security.
  6. Implement the plan. If executives understand clearly the consequences of system disruptions, you will win their support and funding for contingency policies.
  7. Test the plan. Continuous testing and plan updating helps ensure business survival.