Pandemic Has Drastically Changed the Way Organizations View Cyber Risk and Compliance, According to MetricStream Survey
SAN JOSE, Calif., July 27, 2021 – MetricStream, the global market leader in integrated risk management and governance, risk management, and compliance (GRC), today announced the results of the MetricStream State of IT and Cyber Risk Management Survey Report 2021. Compiled from the opinions of key IT risk and compliance executives around the world, key findings show that IT and cyber risk measures escalated as a priority during the pandemic. Respondents stated that creating real-time visibility of their risk and compliance status is a top priority for the upcoming year. In addition, ensuring compliance requirements are met, assessments are conducted on a regular basis, and a need for automated tools were also ranked high in the survey.
“It is clear that organizations need solutions that protect digital workers while rapidly addressing the digital transformation and thwarting off increased cyber threats,” said Gaurav Kapoor, Chief Operating Officer and Co-Founder, MetricStream. “Cyber leaders are beginning to realize that resilience is only one step towards managing risk. An integrated risk management approach enables visibility to real-time data to quantify risk and make more strategic business decisions.”
The survey suggests organizations still need to adopt integrated risk and compliance tools that allow them to proactively address IT and cyber risks and conduct more frequent assessments. Almost half the surveyed organizations stated that they hope to increase real-time visibility on risk and compliance issues.
The survey also highlights a widespread dependency on basic office productivity software, knowledge management software, and point solutions for IT and cyber risk and compliance management needs. This is an indication that organizations still need to adopt more advanced, automated tools that allow them to proactively address IT and cyber risks and conduct more frequent assessments. As cyber risk management processes improve, organizations will experience a significant decrease in the impact of risks and an increase in their ability to predict and manage potential risks.
The IT and Cyber Risk Management Survey is based on the responses of key risk, compliance, cybersecurity, and audit executives across industries and geographies and included analysts, managers, and senior managers, vice presidents, directors, heads of departments, and CISOs.
The key areas tackled in the survey were:
Key takeaways from the survey include the following:
Download the complete State of IT and Cyber Risk Management Survey Report 2021 from MetricStream.
MetricStream is the global market leader of Integrated Risk Management and GRC solutions that empower organizations to thrive on risk by accelerating growth via risk-aware decisions. We connect governance, risk management and compliance across the extended enterprise to enable resilience and digital transformation. MetricStream is headquartered in San Jose, California, with an operations and R&D center in Bangalore, India, and sales and operations support around the globe. More information is available at www.metricstream.com, LinkedIn, Facebook and Twitter.