Risk management is a challenge for most businesses, but security breaches aren’t their top concern. Most fear long-term reputational damage will stem from their inability to manage risk.
This comes from a new survey entitled “The Imperative to Raise Enterprise Risk Intelligence,” sponsored by RiskVision and conducted by the Ponemon Institute. Researchers surveyed 641 individuals involved in their organization’s risk management programs to learn about the state of business risk intelligence.
They discovered the biggest fear resulting from a poor risk management program is reputation damage (63%). Security breaches and business disruption tied for second; each was cited by 51% of respondents.
“It was a surprise,” says Joe Fantuzzi, president and CEO of RiskVision. “Despite all the noise and issues around cybersecurity, organizations really fear brand damage. That can come from cybersecurity breaches, but it can also come from lost intellectual property, accidents like losing laptops, and bad market news.”
Boards of directors have had risk committees, he continues, but historically they have focused on dangers related to financial risk, market risk, currency exchange risk, and credit risk. IT and cyber risk are still new to them.