Building a Cyber Risk Management Program

Chapter 9. AI and Beyond—the Future of Risk Management in a Digitalized World

Throughout this book, we’ve detailed the positive and negative impacts that established and emerging digital technologies are having and will continue to have at an accelerating pace. Every day seems to bring with it news of some spectacular breakthrough in digital technology that promises—at least theoretically—to completely reshape our daily lives, our working environments, and even entire industries. These developments are creating a new “digital frontier,” which is moving so fast that at times it’s impossible to know what risks lie ahead. And while in many cases the real-world value of these cutting-edge technologies remains unproven, there’s no question that the current wave of digital transformation is bringing with it unparalleled opportunities for improvements in innovation, efficiency, and interconnectivity. But at the same time, they’re introducing complex, intricately interconnected, and difficult-to-predict new risks that urgently demand coordination through risk management and the implementation of a comprehensive, mature risk management program.

As we discussed in the previous chapter on the topic of operational resilience, the components of a cyber risk management program (CRMP) and the principles defined can help an organization establish such coordination with new technologies that demand it and deliver on the risk information to enable the business. A risk management program of this ...