Your company is only as secure as your weakest link

Last week, Magna5 had the privilege of participating and sponsoring the Enterprise Risk Forum in Seattle, WA where area executives and risk specialists discussed the many facets of risk, compliance and threat management, and the effects on their organizations.

For many organizations, risk and compliance is a grey area. Regulations continue to change and get stricter to make up for the spiraling threat landscape. Organizations are struggling to keep up between the cybersecurity skills gap, lack of compliance expertise, and limited resources. As the digital transformation continues to have a presence in everything business related, ensuring your business is properly managing and eliminating threats can make the world of difference.

During the event, there were three main takeaways that sparked interest and resonated with the Magna5 attendees.

Takeaway 1: Compliance isn’t just an IT concern, it is organization-wide

Compliance is no longer just the responsibility of the IT team. Digital transformation is impacting departments throughout the entire enterprise. Marketing, finance, legal, and other strategic departments are storing and utilizing vast amounts of data – more than ever before. Ensuring the protection and security of mission critical data has to be a responsibility that transcends beyond the IT department. Support and understanding of compliance regulations within all departments of your organization can make the audit process smoother and eliminate confusion.

Takeaway 2: The CIO’s role is expanding

Innovation in operational processes is creating every aspect of business to touch IT in some shape or form. New advancements, such as AI and AR, are being used to gain more insight, efficiency, and performance within once pesky systems. The growth of IT throughout the organization is creating a shift in the breadth of CIO’s role. Therefore, the CIO is now learning and advising on processes within other departments because of the reliance of the effectiveness and security of IT. This is especially true when it comes to the boardroom. The CIO is being brought into larger conversations and decisions about innovating and securing new processes.

Takeaway 3: Your company is only as secure as your weakest link

Unfortunately, people are usually the weakest link within an organization. According to CompTIA’s International Trends in Cybersecurity research, 52% of respondents felt cybersecurity issues were caused by human factors. Often, cybersecurity breaches are caused due to direct effect of users who were lured in by phishing emails or sketchy links. This can also be true when it comes to not properly patching your systems. Vulnerabilities can be left unmitigated and threat actors can utilize these to access your network. It is important to educate employees on the newest attack vectors and the key aspects of human directed attack techniques, like phishing or business email compromise campaigns. For more information, tune in next week to the Magna5 blog to learn about the 7 red flags of a phishing attack.

As innovations like 5G, AR, and AI get integrated into business processes, security and compliance will become more highly regulated and difficult for organizations to manage. Incorporating all business leaders into compliance and risk programs will help organizations protect from the spiraling threat landscape.

If you are in the Seattle area and want to continue the conversation, Magna5 is hosting a CIO panel discussion called, Flash Forward: Implications of Gartner’s 2019 Technology Predictions. Join Magna5 on December 13th, at the Clark Nuber PS Offices, for appetizers, drinks and networking with notable risk and compliance leaders to discuss how technological innovation will shape the way for businesses in 2019 – and how to prepare for these changes. RSVP today!