Prioritizing and communicating risk

Last year, the number of active phishing websites increased 350% from January to March alone. Now that employees are connecting to the office from their own remote networks and not through their office’s secure network, the chance of a security breach is higher than ever. While risk managers know this already, securing company data is essential to customer trust and longevity. To prioritize risk during remote work, risk managers need to involve executives and keep them updated and educated on potential problems and solutions. Prioritizing risk now will pay dividends in the long run.

Executive teams need to buy in — simply relegating all risk-related work to risk managers isn’t enough in the end. Investing time and money to form a risk-aware culture will better educate all employees on how to avoid common scams and prepare for larger-scale problems. Without prioritization and investment in risk, companies may not make it through the next major disruption and risk major security breaches.

A risk-aware culture can’t be created overnight. Risk managers and executives must first identify the risks and find out where the company stands, aligning risk culture with the existing company culture. Then, they can implement new risk management strategies that may require drastic changes, such as new software, revised policies and educational tutorials on risk. IT teams need to be on top of their game for virtual risks, educating employees and preparing them to ask the right questions. With phishing on the rise and data at a very vulnerable point, employees must be able to assess risk on their own.

Risk management in the digital world: How different is it?

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