Gartner Cites Importance of Integrated Risk Management During Digital Transformations

In a recent report, Emerging Technologies: Top Use Cases in Integrated Risk Management, Gartner included Axio in a survey of IRM technology products and service providers. IRM tools have emerged as integral pieces to a modern and successful cybersecurity program. Previously known as Governance, Risk, and Compliance (GRC) tools, IRM tools address a wider range of use cases than the legacy GRC products of the past. They provide a “vertically integrated view of risk,” using your company’s business strategy as a jumping off point. By starting here, IRM tools can be used to address the unique cybersecurity needs of your organizational operations, regardless of size or industry. Unlike GRC tools, IRM products offer a dynamic and comprehensive view of your risk environment across business units, partners, and third-party vendors.   

The report identifies ten primary IRM use-case domains with a spotlight on three specific use case domains that appeared to have the greatest impact and attention from customers: 

• Third-party/vendor risk management (TPVRM) 
• Environmental, Social and Governance (ESG) 
• Digital risk management (DRM) 

Axio360, Gartner cites, falls under the DRM use case because it grants visibility across your entire enterprise as well as industry lines, providing insight into the digital risk landscape of business initiatives. DRM products help companies manage third-party technology risks (including Artificial Intelligence, Machine Learning, Operational Technology, and Internet-of-Things) and digital risks such as “products and services enabled by cloud, mobile, social, and big data.”  

Today, many organizational operations are fully reliant on digital technology. Since COVID-19 caused a surge in the global remote workforce, digitalization has become a requirement for most businesses to stay innovative, operational, and competitive in the eyes of customers and investors. The World Economic Forum cites some astonishing figures: 

• [At the beginning of the pandemic, the] equivalent of a decade of digital onboarding occurred in 10 months 
• Dependence on cloud computing jumped by a third in 2020 
• Network operators registered as much as a 70% increase in the demand for internet and mobile data services 
• Videoconferencing sky-rocketed by 700% [in 2020] 

There is little evidence that business operations will return to what was considered “normal” pre-pandemic, and companies are being forced to “go digital” if they want to survive. This growing dependence on digitalization has also attracted cyber-criminals, leading to unprecedented growth of cyber-attacks across industries and governmental organizations. At present, digital risk has emerged as a central component to overall business risk. 

At Axio, we understand the complexities of managing digital risk. In fact, Axio360 can help you assess and quantify all facets of business risk. The Axio360 platform is a highly customizable, multi-faceted decision support system for cybersecurity leaders. By using information unique to your business and its needs, we’ll work with you to identify the highest threat risks. Axio360 can 

• Manage digital risk using Cyber Risk Quantification (CRQ) to predict risk scenarios and how they fit into your overall risk acceptance posture 
• Continually Assess digital risk through dynamic visualization of various risk scenarios 
• Evaluate digital risk by applying your unique business context and analyzing your risk environment 

With our approach to risk management, business leaders learn how to understand their risk environment and can prioritize cybersecurity measures using actionable data.   

Gartner states in its report that “DRM requires visibility and understanding of associated technology, business process and performance impacts. Since digital business initiatives span the entire enterprise and cross industry lines, the business impact of DRM will prove significant.” It is impossible to predict every cyber-attack coming your way, but at a broad level, understanding your cyber risk posture plays a pivotal role in achieving cyber resilience. With the ever-expanding attack surface in our digital world, Axio will ensure you’re able to “keep the lights on.” If you’re a Gartner client, get the report here and visit Axio’s website to request an Axio360 demo