Although the IT risk environment has become more complicated, new technologies will level the playing field and make it easier for companies of all sizes to fulfill their obligations.
FREMONT, CA:Compliance space is increasingly evolving, and to be compliant implies to abide by the rules. The complexity is high for companies operating through various geographies with multiple sets of standards and regulations, contributing to a market that is set to hit $64.62 billion by 2025.
Although the IT risk environment has become more complicated, new technologies will level the playing field and make it easier for companies of all sizes to fulfill their obligations. Here are two developments in governance, risk management and compliance (GRC):
Compliance and Risk Management Require Technology to Navigate Across State Lines
Data privacy has been one of the fields of greatest risk. Businesses must conform to a patchwork of systems across national lines, which is a difficult mandate to execute as they rely heavily on people and manual processes. Many business leaders are currently unwilling to use technologies such as robotic process automation (RPA), AI, and machine learning (ML) to streamline and automate internal processes. But for companies to keep up with regulatory change and achieve enforcement effectively and consistently, company and compliance leaders need to begin to accept this emerging technology. Cybersecurity issues continue to hold IT security, enforcement practitioners, and C-suite executives up at night.
Technologies such as AI and ML are quite effective and can potentially significantly affect the ability of organizations to recognize, evaluate, and resolve data protection and privacy threats and satisfy their legal obligations. Businesses will implement technology to keep up with various moving parts, such as evolving cyber threats and data privacy requirements.
Demand for IT Security, Privacy, and Compliance Talent is Increasing
Businesses today are still working to respond to common cyber-attacks, and the failure to recruit the right talent will make things worse. There's a talent battle in the cybersecurity profession right now. Skilled companies need their protection, and enforcement leaders are changing, making it more challenging to recruit the right ones.
CISOs must be well versed in IT risk management methodologies, knowledgeable in numerous IT applications, knowledgeable in the acquisition of new technologies, and possess strong communication and leadership skills. It's hard to find this combination of abilities.