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How Can Enterprises Minimize Risk in 2020?

By Enterprise Security Magazine | Tuesday, January 07, 2020

In an increasing risk environment, the emerging threats can help organizations fix the vulnerabilities and enhance the decision-making, and gradually develop a comprehensive and proactive risk strategy to be ready for what's ahead.

FREMONT, CA: Organizations are, at present, feeling significant pressure from several directions, from global political tensions and technology threats to brand new data privacy demands. The earth climate can change quickly, as the globe is in a more active state at present than in the past decade. Most of the middle market organizations have overseas interests and disintegrating global alliances, cyber wars, and increase in the number of natural disasters that threaten the global trade network.

To mitigate these risks to the global supply chain, the enterprise should first review the supply chain strategies, identify potential disruptions and examine the alternate solutions. Along with this, implementing key risk indicators for vulnerable points and building monitoring dashboards can highlight early signs of problems before they become significant issues. Last but not least, incident response and disaster recovery plans should be updated to incorporate supply chain resiliency.

To address the cloud risk and compliance, the enterprise management should start early with the development of a cloud solution with a risk and compliance mindset to reduce the exposure and enhance the effectiveness. Also, the beginning with an established standard can help the enterprises to better understand and decrease the risks on the cloud.

Perhaps most significantly, involving all key stakeholders from the source is a crucial element to develop a safe and secure cloud structure. Technology has become so pervasive and essential to all the enterprise's functions, and each function must know how to recognize and manage risks.

To manage these risks in a better way, the management can use the existing technology risk assessments or implement one to offer a complete inventory of technology assets, as well as an opportunity to identify the emerging risks and prioritize which areas to focus. An organized IT or information security framework can also make sure that the technology investments and output are supporting organizational objectives and help develop a common control framework.

See Also: Top Supply Chain Management Solution Companies

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