Regulatory compliance is becoming harder, and IT security teams responsible for protecting networks, systems, data, and other assets are being hard-pressed to keep up with increasingly strict regulations, which are in place for all the right reasons – but can be daunting.
According to a Deloitte “Third Party Governance and Risk” report, 83% of organizations experienced a third-party incident in the past 3 years, 11% of them with a severe impact and 35% with a moderate impact on customer service, financial position, reputation, or regulatory compliance.
The impact of the global pandemic has brought the requirement for more intelligent, sophisticated threat analytics, given the damage being done as attacks on networks, applications and databases increase, and new threats surface that could take down entire mission critical systems, including those which are needed more than ever in times of medical and environmental crises.
Cloud growth is continuing to accelerate, especially in the context of the world of virtual working, and distributed infrastructure. IT teams who have been appropriately cautious in moving applications and services to the cloud in the past are speeding up their roadmaps, as they do not have time to debate the benefits of cloud. Even the largest and most mission-critical enterprises are racing to embrace more cloud to support their teams as they work from home, but they are doing so with a laser focus on security.
Security automation is now a top concern for enterprises as the attack surface expands given more remote workers, more devices, and new attack vectors in the cloud.
Automation is rising because IT leaders are realizing it paves the way to reducing risks, gaining greater visibility into their networks, and getting the most from their security investments.
Automation technologies, from Robotic Process Automation (RPA), to Artificial Intelligence (AI) and Machine Learning (ML), are transforming business processes and operating models. These are relatively new categories, and most enterprises do not yet have the skills to implement automation technologies successfully, including Privileged Task Automation (PTA) associated with a robust Privileged Access Management (PAM) posture.
Apps are increasingly moving to the cloud, especially as more and more people are working remotely and expect to access them from anywhere, any time, on multiple devices. Despite that, the way enterprises secure access to applications has largely remained unchanged, as they are still focused and dependent on the corporate network perimeter.
We have all found ourselves in a different world of work given the events that have defined 2020, and few professionals are feeling the pressure more than IT and OT teams.
Just as cyber risks evolve, the evolution of risk appetite frameworks is more active than ever. With more sophisticated adversaries, more digital transformation initiatives, more mobile works, ecosystem partnerships and connectivity to multiple clouds and services, enlightened management teams and their boards are updating their levels of “risk tolerance.”