In a recent report, Emerging Technologies: Key Use Cases in Integrated Risk Management, Gartner included Axio in a survey of MRI technology products and service providers. IRM tools have become essential components of a modern and successful cybersecurity program. Previously known as Governance, Risk and Compliance (GRC) tools, IRM tools address a wider range of use cases than legacy GRC products of the past. They provide a “vertically integrated view of risk”, using your company’s business strategy as a starting point. Starting here, IRM tools can be used to address the unique cybersecurity needs of your organizational operations, regardless of size or industry. Unlike GRC tools, IRM products provide a dynamic and comprehensive view of your risk environment across business units, partners and third-party vendors.
The report identifies ten top IRM use case areas with a spotlight on three specific use case areas that appeared to have the greatest impact and customer attention:
- Third-party/supplier risk management (TPVRM)
- Environment, Social and Governance (ESG)
- Digital Risk Management (DRM)
Axio360, cites Gartner, falls under the DRM use case because it provides visibility across your entire enterprise as well as lines of business, providing insight into the digital risk landscape of business initiatives. DRM products help companies manage third-party technology risks (including artificial intelligence, machine learning, operational technology, and the Internet of Things) and digital risks such as “cloud-enabled products and services , mobile, social networks and big data”.
Today, many organizational operations are entirely dependent on digital technology. Since COVID-19 caused an increase in the remote workforce around the world, digitalization has become a requirement for most businesses to stay innovative, operational and competitive in the eyes of customers and investors. the World Economic Forum cite some startling figures:
- [At the beginning of the pandemic, the] a decade’s worth of digital integration happened in 10 months
- Cloud computing reliance jumped by a third in 2020
- Network operators saw a 70% increase in demand for internet and mobile data services
- Video conferencing skyrocketed 700% [in 2020]
There is little evidence that business operations will return to what was considered “normal” before the pandemic, and businesses are being forced to “go digital” if they are to survive. This growing reliance on digitalization has also attracted cybercriminals, leading to an unprecedented growth in cyberattacks in industries and government organizations. Today, digital risk has become a central part of overall business risk.
At Axio, we understand the complexities of digital risk management. In fact, Axio360 can help you assess and quantify all facets of business risk. The Axio360 platform is a highly customizable, multi-faceted decision support system for cybersecurity leaders. Using information specific to your business and its needs, we will work with you to identify the highest threat risks. Axio360 can
- Manage digital risk using cyber risk quantification (CRQ) to predict risk scenarios and how they fit into your overall risk acceptance posture
- Constantly evaluate digital risk through dynamic visualization of various risk scenarios
- Assess digital risk by applying your unique business context and analyzing your risk environment
With our approach to risk management, business leaders learn to understand their risk environment and can prioritize cybersecurity measures using actionable data.
Gartner states in its report that “DRM requires visibility and understanding of associated technology, business processes and performance impacts. As digital business initiatives span the entire enterprise and cross lines of business, the business impact of DRM will prove to be significant. It is impossible to predict all future cyberattacks, but at a general level, understanding your cyber risk posture plays a critical role in achieving cyber resilience. With the ever-expanding attack surface in our digital world, Axio will ensure that you are able to “keep the light on”. If you’re a Gartner customer, get the report here and visit Axio website to request an Axio360 demo