{"id":9418,"date":"2020-11-02T16:04:37","date_gmt":"2020-11-02T14:04:37","guid":{"rendered":"https:\/business-continuity-and-cybersecurity-lead-risks-in-a-covid-disrupted-year\/"},"modified":"2020-11-02T16:04:37","modified_gmt":"2020-11-02T14:04:37","slug":"business-continuity-and-cybersecurity-lead-risks-in-a-covid-disrupted-year","status":"publish","type":"post","link":"https:\/\/vaa.lt\/en\/business-continuity-and-cybersecurity-lead-risks-in-a-covid-disrupted-year\/","title":{"rendered":"Business Continuity and Cybersecurity Lead Risks in a COVID-Disrupted Year"},"content":{"rendered":"<p class=\"ms-rteThemeFontFace-2\"><em>Second-annual OnRisk report reveals pandemic\u2019s lasting impact on organizations<\/em><\/p>\n<p class=\"ms-rteElement-P\">LAKE MARY, Fla. (Nov. 2, 2020) \u2014 Unprecedented challenges brought by the COVID-19 pandemic as well as expanding reliance on technology and data collection are driving business continuity\/crisis management and cybersecurity as top-rated risks, according to a new report from <a href=\"https:\/\/na.theiia.org\/Pages\/IIAHome.aspx\">The Institute of Internal Auditors<\/a> (IIA). <em>OnRisk: A Guide to Understanding, Aligning, and Optimizing Risk 2021 <\/em>offers a unique and insightful examination of the interactions and views from those who most directly involved in risk management \u2013 boards, executive management and internal audit.<\/p>\n<p class=\"ms-rteElement-P\">The <em>OnRisk 2021<\/em> report represents The IIA\u2019s groundbreaking approach of collecting stakeholder perspectives on risk and risk management in support of good governance and achieving organizational success. The combination of quantitative and qualitative research provides a robust look at 11 top risks facing organizations and allows for both objective data analysis and subjective insights based on responses from risk management leaders. Business continuity\/crisis management and cybersecurity were the two most relevant risks among<em> OnRisk 2021<\/em> respondents, which reflects 2020\u2019s unique context. <\/p>\n<p class=\"ms-rteElement-P\">The pandemic\u2019s existential threat to organizations combined with the extreme measures taken to cope with the deadly virus created new cyber vulnerabilities. For example, the newly ubiquitous work-from-home environment introduced the monumental task of enforcing cyber-safety protocols for entire offsite workforces. The perceived relevance and urgency of cyber-related risks was heightened further by changes to operations, mitigating the vulnerabilities of popular communications software, managing customer and vendor relationships strictly online, and internal audit\u2019s inability to perform on-site visits.<\/p>\n<p class=\"ms-rteElement-P\">Close to 9 in 10 (87%) board members ranked business continuity\/crisis management as highly or extremely relevant, while 93% of CAEs rated it as highly or extremely relevant. However, far fewer members of the C-suite identified it as such, with just 6 in 10 (63%) describing it as highly or extremely relevant. Board and C-suites respondents rate their level of personal knowledge lowest when it comes to cybersecurity. This may reflect continued uncertainty about a risk that is constantly evolving via technological advancement and related disruptive innovation.<\/p>\n<p class=\"ms-rteElement-P\">\n\u201cThe COVID-19 pandemic has accelerated the intensity of risk to unprecedented levels, not just around public health, but in the very survivability of organizations and institutions. Risk assessments done early in the year, and even after the first cases of COVID-19 started to appear, were obsolete within days and weeks. This report is intended to help organizations confront such challenges \u2013 not only during a crisis, but to avoid one \u2013 through effective alignment of their three essential risk-management players: the board, management, and internal audit,\u201d said IIA President and CEO Richard F. Chambers, CIA, QIAL, CGAP, CCSA, CRMA.<\/p>\n<p class=\"ms-rteElement-P\">Among other key observations from the <em>OnRisk 2021 <\/em>report:<\/p>\n<ul>\n<li><strong>Two risks offer priorities for organizational improvement.<\/strong> All respondents rated disruptive innovation and talent management as among the most relevant risks. Yet, C-suite respondents ranked their personal knowledge and the organization\u2019s capabilities related to these risks as among the lowest.<\/li>\n<li><strong>Management perceptions on risk relevance are generally not aligned with boards and CAEs.<\/strong> Board members and CAEs were largely aligned on their perception of the relevance of risks included in <em>OnRisk 2021<\/em>. However, management relevance rankings were lower overall with an especially large gap in the perception of governance and economic and political volatility. The C-suite assigned higher relevance to operational risks such as talent management, culture, and business continuity. <\/li>\n<li><strong>Perceptions on capability to manage risks are more aligned. <\/strong>This year, responses were more tightly clustered in ranking organizational ability to manage risk. The board overconfidence noted in last year\u2019s report appears to have eased. Responses to COVID-19, which focused in part on renewed risk assessments and more frequent communication and collaboration among risk management players, likely drove stronger alignment on organizational strengths and weaknesses.<\/li>\n<\/ul>\n<p class=\"ms-rteElement-P\">\u201cAlthough many unknowns remain as we navigate through another wave in this pandemic, we must not be shortsighted,\u201d Chambers said. \u201cThe organizations that will persevere and even thrive are looking at the broader risk landscape to prepare for and effectively address the challenges \u2013 as well as the opportunities \u2013 that lie ahead. <em>OnRisk 2021<\/em> reveals shortfalls and gains in capabilities and understanding of risks with actionable recommendations for closing any gaps.\u201d<\/p>\n<h2 class=\"ms-rteElement-H2\"> Media contact:<\/h2>\n<p> John Babinchak<\/p>\n<p> 407-325-5560<\/p>\n<h2 class=\"ms-rteElement-H2\">About The Institute of Internal Auditors<\/h2>\n<div readability=\"16.642335766423\"> The Institute of Internal Auditors (IIA) is the internal audit profession\u2019s most widely recognized advocate, educator, and provider of standards, guidance, and certifications. Established in 1941, The IIA today serves more than 200,000 members from more than 170 countries and territories. The IIA\u2019s global headquarters are in Lake Mary, Fla. For more information, visit <a href=\"http:\/\/www.theiia.org\/\">www.theiia.org<\/a> or <a href=\"http:\/\/www.globaliia.org\/\">www.globaliia.org<\/a>.<\/div>","protected":false},"excerpt":{"rendered":"<p>Second-annual OnRisk report reveals pandemic\u2019s lasting impact on organizations LAKE MARY, Fla. (Nov. 2, 2020) \u2014 Unprecedented challenges brought by the COVID-19 pandemic as well as expanding reliance on technology and data collection are driving business continuity\/crisis management and cybersecurity as top-rated risks, according to a new report from The Institute of Internal Auditors (IIA). [&hellip;]<\/p>","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[],"class_list":["post-9418","post","type-post","status-publish","format-standard","hentry","category-iia-naujienos"],"featured_image_src":{"landsacpe":false,"list":false,"medium":false,"full":false},"_links":{"self":[{"href":"https:\/\/vaa.lt\/en\/wp-json\/wp\/v2\/posts\/9418","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vaa.lt\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vaa.lt\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vaa.lt\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/vaa.lt\/en\/wp-json\/wp\/v2\/comments?post=9418"}],"version-history":[{"count":0,"href":"https:\/\/vaa.lt\/en\/wp-json\/wp\/v2\/posts\/9418\/revisions"}],"wp:attachment":[{"href":"https:\/\/vaa.lt\/en\/wp-json\/wp\/v2\/media?parent=9418"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vaa.lt\/en\/wp-json\/wp\/v2\/categories?post=9418"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vaa.lt\/en\/wp-json\/wp\/v2\/tags?post=9418"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}