Managing Data Security Risks of AI Technology In recent months, artificial intelligence has generated widespread interest and conversation as tools like ChatGPT demonstrate a wide range of personal and professional applications. Perhaps equally important to this discussion, however, is an understanding of the risks posed by AI technology, including the significant data security threats that are already having unintended consequences for companies. With current AI technology, users can input more data than ever before and use that information to learn patterns of behavior; uncover and predict f ..read more

The Future of ERM: Integrating AI, Automation, and Human Expertise In an era characterized by rapid technological advancements and an increasingly complex business landscape, Enterprise Risk Management (ERM) is undergoing a profound transformation. The integration of Artificial Intelligence (AI), automation, and human expertise is shaping the future of ERM, offering organizations unprecedented capabilities in identifying, assessing, and mitigating risks. The Evolving Landscape of Risk Management Traditional ERM methodologies have typically relied on manual processes and historical data analysi ..read more

6 Tips for Improving Network Security In recent years, the rising cost of cyber insurance premiums has become a major concern for enterprises of all sizes. This rate environment has been driven, in part, by the drastic increase in cyberattack claims globally. In fact, S&P Global analysts recorded a staggering 232% increase in ransomware claims from 2019 to 2021. Due to the interconnected nature of cyberattacks, cyber insurers are even reevaluating what gets covered—such as social engineering campaigns or state-sponsored attacks—to ensure that they can sustain systemic risks. Given these ma ..read more

Key Cybersecurity Threats To Watch For Cybercrime has become more lucrative and is occurring more frequently than ever before. Owing to our growing dependence on technology, a ransomware attack now hits an organization every 11 seconds. Simply put, the more we adopt and use digital technology, the more opportunities there are for criminals to profit from emerging vulnerabilities. Despite growing awareness and increased spending by organizations to protect themselves and to build resilience in the event of a successful attack, specific cyberthreats will continue to proliferate. Cyberrisks will ..read more

Embracing Disruption, Managing Risk: Strategies for Navigating Emerging Technology Landscape In an era defined by rapid technological transformation, organizations are confronting an intricate disruption while managing the associated risks. The emerging technology landscape offers boundless opportunities, but with it comes a set of new challenges, from cybersecurity threats to regulatory hurdles. Navigating this evolving terrain requires a multifaceted strategy, one that integrates foresight, agility, and robust risk management protocols. Understanding the Dual Nature of Disruption Every techn ..read more

Risk, Resilience, and the Rise of Emerging Technologies: Preparing for the Future In today’s rapidly changing business landscape, the link between risk management, resilience, and emerging technologies has never been more pronounced. The arrival of digital innovations, from AI-driven analytics to blockchain, brings with it both unprecedented opportunities and challenges. Organizations keen to stay competitive must not only adapt to these changes but anticipate potential disruptions and mitigate the risks they pose. As we delve into this matter, the importance of a robust Enterprise Risk Manage ..read more

Celebrating Excellence in Risk Management: ERMA Announces Winners of ASEAN Risk Awards 2023 SINGAPORE, July 7, 2023 — Enterprise Risk Management Academy (ERMA) has revealed the esteemed winners and runners-up of the ASEAN Risk Awards 2023. Following intense competition from hundreds of nominations, 16 organizations and two individuals from Southeast Asia have been selected for their exemplary achievements in seven award categories. The winning entities and individuals demonstrated exceptional accomplishments in their respective categories, raising the bar for standards and performance in risk ..read more

The Importance of Risk Assessment: Safeguarding Success Amidst Uncertainty In today’s fast-paced and unpredictable world, the ability to identify and manage risks effectively has become paramount for individuals, businesses, and organizations across various sectors. Risk assessment, the process of evaluating potential threats and vulnerabilities, plays a crucial role in mitigating uncertainties and safeguarding success. Here are some highlights why risk assessment should be an integral part of decision-making processes in businesses. Identifying Potential Threats Risk assessment enables indivi ..read more

How to Measure Risk Capacity for Strategic Initiatives Enterprise risk management is evolving into holistic risk portfolio management. This means eliminating unwanted risks to create room for smart risk-taking on high-return strategic business initiatives. Managing risk on a holistic level poses challenging questions, including: What is our organization’s risk capacity? How do we assess how much aggregate risk-taking is prudent? What if our risk tolerance requires a cash buffer for unexpected cash flow surprises? The answers to these questions depend on understanding your organization’s risk ..read more

Top 10 Cybersecurity Trends for 2023: From Zero Trust to Cyber Insurance As technology advances, cyberattacks are becoming more sophisticated. With the increasing use of technology in our daily lives, cybercrime is on the rise, as evidenced by the fact that cyberattacks caused 92% of all data breaches in the first quarter of 2022. Staying current with cybersecurity trends and laws is crucial to combat these threats, which can significantly impact business development. In 2023, the cybersecurity market is expected to see new trends, and businesses must be adequately prepared for any d ..read more