Read this report to discover the major technology and GRC trends witnessed in 2016 and predictions for 2017.

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2016 Trends

User Experience Matters

Shellye: Today’s customers expect a seamless and satisfying user experience. They engage with companies through a variety of channels, and they demand both convenience and personalization. The imperative for companies, therefore, is to build products that are intuitive, easy to use, and memorable; to collaborate more closely with customers, and be responsive to their needs; to leverage predictive analytics in order to deliver personalized products and services, while also using market insights to enhance business planning and strategy. Those are the keys to forming lasting customer relationships.

Growth of the Cloud

Shellye: At MetricStream, an increasing number of customers are choosing our GRC cloud to deploy their GRC apps and solutions. In 2016, IDC predicted that worldwide spending on public cloud services would be $141 billion in 2019. Clearly, security concerns are no longer a deterrent for companies wanting to move to the cloud. In fact, Gartner has predicted that security will displace cost and agility as the primary reason for the government’s adoption of the cloud.

Biometrics Close Security Gaps

Shellye: Biometrics are increasingly replacing traditional username and password combinations as a way to authenticate and validate user access to devices. The security benefits of biometrics are particularly useful now that we engage with increasingly confidential and sensitive information, including mobile payments and transactions. According to Deloitte’s Global Mobile Consumer Survey 2016, over a quarter of smartphones have a fingerprint reader.

2017 Predictions

Big Data Applications and Analytics Will Become Self-servicing for Business Users

Vidya: With advances in analytics tools and sophistication in security technologies, the time has come for big data analytics to run in a self-service mode for business users.

IoT devices Will Come under the Same Risk Management Umbrella as Traditional IT Assets

Vidya: As more and more business critical data passes through internet of things devices, organizations will define proper ownership for these devices, while also implementing controls, and performing risk assessments to ensure their security.

Virtual Reality Will Provide New Avenues to Organizations for Training, Simulations, And Forecasts

Vidya: Virtual reality devices are becoming ubiquitous in the connected world. Organizations will use these devices to conduct more real and synchronized trainings across locations, as well as to simulate business continuity, disaster, and risk management scenarios, and to forecast changes across the organization.

The Connected Smart Car, Smart Home, and Smart Office Will Power The Next Big Wave Of Technology Advancements For the Human Race

Vidya: As cars and homes become more contextually aware and smart enough to operate themselves, the next technology wave will be defined by automation, Artificial Intelligence (AI), and networks that make life simpler.

Robotics and Artificial Intelligence Will Create New Risks

French: Robots and AI are poised to increase productivity. However, if they lead to higher unemployment rates, as predicted, we are likely to witness a significant amount of labor unrest and reputational backlash. Customers may publicly criticize companies for replacing their employees with “non-human” workers. And although robotics and AI promise to bring newer, higher-income jobs, laid-off workers may not have the skills to take advantage of these new opportunities. The other risk is cost – many companies may not be able to ride the AI wave simply because they can’t afford to. Bigger firms on the other hand, might have the resources, but could end up spending hundreds of thousands of dollars on AI technology that doesn’t live up to expectations.

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