New technologies mean more risks to manage

Forward Thinking Business Blog –

Across the island of Ireland, public and private sector organisations are increasingly required to demonstrate that they have effective risk management procedures in place — not an easy task at a time when new technologies, collaborations with third parties, and the rapid pace of change across many sectors presents growing challenges for risk management professionals.

It’s not a problem unique to this part of the world. A recent Dun & Bradstreet survey found that compliance and procurement decision-makers are now less confident about managing third party relationships, with cyber security threats and the increased adoption of artificial intelligence (AI) listed as top concerns.

In the UK, more than half (56%) of organisations now use Artificial Intelligence to some degree, according to a new report from Microsoft. The study, entitled Accelerating Competitive Advantage with AI, found an 11% rise in machine learning, 9% rise in automation and 7% rise in voice recognition and 6% smart assistants since last year. It shows that the rate of AI adoption varies depending on sector, with financial services leading the way at 72%, followed by manufacturing (51%), healthcare (46%) and retail (43%).

A key question for business leaders is if your business was targeted today, do you have adequate measures in place to protect your valuable and sensitive company information? If you are not sure of the answer, then the chances are that you do not.

Ireland’s National Cyber Security Centre has published helpful guidance for businesses setting out a 12-step guide to cyber security. The guidance, which is available online, includes a suggested month-by-month activity plan to improve cyber resilience.