Through 2023, government regulations requiring organizations to provide consumer privacy rights will cover 5 billion citizens and more than 70% of global GDP: “Security and risk management leaders should enforce a comprehensive privacy standard in line with the GDPR. This will allow their businesses to differentiate themselves in an increasingly competitive market and grow unhindered.”

By 2025, 80% of enterprises will adopt a strategy to unify web, cloud services and private application access from a single vendor’s SSE platform: “Create a dedicated team of security and networking experts with a shared responsibility for secure access engineering spanning on-premises, remote workers, branch offices and edge locations.”

60% of organizations will embrace Zero Trust as a starting point for security by 2025. Over half will fail to realize benefits: “Communicate business relevance of ZT by aligning resilience and agility.”

By 2025, 60% of organizations will use cybersecurity risk as a primary determinant in conducting third-party transactions and business engagements: “Leverage risk-based evaluations that highlight transparency and reward participants.” 

There are 10 fundamental risk management processes that SRM leaders can follow to ensure success of their organization’s cyber and IT risk management:

#1 Identify Control Requirements

#2 Conduct Business Impact Analysis

#3 Define Risk Parameters and Risk Management Strategy

#4 Conduct Risk Assessment and Evaluate Controls

#5 Document Risks In a Risk Register and Continual Communication

#6 Embed Risk Assessment, Security Testing and Governance in Project Lifecycle

#7 Invest in Technical Debt Reduction

#8 Identify Scope

#9 Monitor Loss Exposures and Other Indicators

#10 Embed an Organizational Wide Attitude to Risk Treatment

“Long-term success of these processes can only be achieved when risk management increases the likelihood of the organization achieving its key strategic goals and objectives.”

“Many organizations started leveraging traditional security products in the cloud in the early cloud adoption phase. This approach can work in the short term, but as application and DevOps teams adopt cloud-native services, traditional security products are not able to address these use cases.”

“Cloud-native security needs to address runtime protection, cloud configuration, artifact scanning and DevSecOps enablement.”

“Born in the cloud enterprises and their security investments can be a guide to the future state of security.”

“Align security with the underlying architecture and business criticality. One size does not fit all.”

“Cloud security capabilities are likely newer and more versatile, so apply these to your on-premises systems where suitable.”

“Looking ahead on the horizon of cloud security, new technologies and trends that may emerge include cloud providers becoming security providers, security or policy as code, data and cloud sovereignty, confidential computing and more.”