Corporate risk management teams face an increasing number of threats in today's changing economy, and traditional solutions are not likely to provide satisfactory solutions, according to a report. Instead, business executives may have to invest in a risk management framework that is both comprehensive and flexible enough to adapt to a radically developing financial landscape.
CIO and CSO magazines released a study conducted by PricewaterhouseCoopers late last month that delved into the issue, asking executives how they feel about the changing state of global information security. Survey respondents were mostly optimistic about the safeguards their businesses had installed to combat security risks, but in many cases these professionals had incorrect perceptions about the strength of their firm's corporate security network.
In fact, only 8 percent of companies surveyed could be defined as "leaders" in corporate security, according to the survey. Leading firms had elected an executive to oversee corporate security and had a demonstrable risk management framework in place to address and combat threats.
"Security models of the past decade are no longer effective. Today's rapidly evolving threat landscape represents a danger that shows no signs of diminishing, and businesses can no longer afford to play a game of chance," said Mark Lobel of PwC. "Companies that want to be information security leaders should prepare to play a new game – one that requires advanced skills and strategy to win against emerging threats."
Ultimately, a number of executives may lack the vision needed to evaluate their existing financial and IT security strategies. In these situations, bringing in a consultant with experience developing and delivering software solutions designed to maximize security could be a sound investment for financial firms.
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