Cloud-y Days Ahead

Plan for the probably improbable: ERM and the cloud.

Technology is changing rapidly as industries experience the accelerated adoption of cloud-based platforms. Organizations squeezed by a tight economy see opportunities for increased business productivity and huge potential cost savings by moving to virtually hosted platforms including Google Apps. Meanwhile, the pace of technological change dictates a need for new strategies to handle the influx of data. Careful planning is the first and most essential step in meeting enterprise risk management (ERM) needs and avoiding serious compliance issues when transitioning to cloud applications, however improbable they may seem.

The recent flurry of activity surrounding WikiLeaks data breaches and other hacking incidents signifies the importance of addressing ERM as it relates to new technology. Organizations left in the wake of such incidents include McDonald’s, Walgreens, Gawker Report Systems and Honda. All were targets for customer database hacking late last year. Taking an immediate and strong stance is a priority for government agencies and other corporations trying to rebound from these attacks. The reality is that the pace of technological change will continue to pose difficulties for data management. In order to understand how to manage risk, it is important to first know where the weaknesses lie.

Many organizations are concerned over managing increased volumes of data and the growing cost of retention. Organizations must consider that data transfers and stores in the cloud can be more difficult to track if the proper systems are not in place. In short, ERM is becoming more complicated. As a result, it is more important than ever that organizations plan to avoid exposure by anticipating new approaches to ERM.

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Source: propertcasulty360.com
By: Richard Roberts