State of IT and Cyber Risk Management Survey Report highlights trends and weak areas

Published: Wednesday, 28 July 2021 09:23

MetricStream has announced the results of its 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.

The survey suggests that 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 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.

Other key findings from the survey include:

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