It’s been a crazy year.
Economic upheaval. A COVID-19 Pandemic that seems to have no end. Changes in laws and regulations. Digital disruption. Data security dangers. It sounds like a doomsday wish list! It may not be a wish list, but it is a list of risks.
“Risk in Focus” – New Report Focuses on Internal Audit Priorities in 2022 and Beyond, released in September 2021, provided an early window into 15 risks organizations will face next year. As a result here are the top projected five risks in 2022, based on the report:
- Cybersecurity and data security
- Changes in laws and regulations
- Digital disruption, new technology and AI
- Human capital, diversity and capital management
- Business continuity, crisis management and disasters response
Blame it on the pandemic for a good reason – Security threats
“The pandemic has destabilised operations and labor,” the report reveals, “disrupted supply and demand, and undermined previously sound business models to an extent few would have thought possible.”
The report says, “Many countries are witnessing a resignation crisis, staff shortages and high vacancy rates showing how profoundly the pandemic has exacerbated the talent management risks that existed long before 2020.”
Internal audits will need to adapt to these future risks. For example, one question is how well a company is adapting to these risks. How are they being managed? How are they being accounted for? What trust level does a company have in their employees? When it comes to the new hybrid working models, how safe is it? Moreover, has the company kept up with new technologies, or are they lagging
The challenge of saving company data
The challenge then is for auditors to adapt to hybrid working environments requiring companies to adopt a zero-trust security model, increase multi-factor authentication models, and employ new security technologies. New mandated compliance models and CSO followed best practises, will begin to secure endpoints, and constantly staying on top of network activities serves as a preventative model.
Changes in technologies, laws and regulations, and additionally the shifting or drifting human capital will create new challenges. Be ready.
Cyology Labs and its complement of experts are at the forefront of changing technologies and are intrinsically knowledgeable about the changing laws and regulations. Moreover, It’s our objective to keep your company protected from hackers.
For more on Cyology’s auditing practises and services offered, visit our team at www.cyology.com