Why Companies Need to Invest in Enterprise Risk Management Frameworks

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Data protection has never been as important as it is today, because of the way we depend on virtual data

Photo courtesy: Council of Europe

                 

Companies are now investing in an overall enterprise risk management (ERM) framework. It is being observed that, there is a growing risk to data worldwide. The reason is no more simply cyber-attacks but others too. These include new threats emerging from global warming, geopolitics and changing regulatory frameworks on data protection.

Do we remember how vaccine culture data was stolen through phishing mechanisms, right under the nose of the Oxford University last month? It was the job of a sophisticated hacking company that was hired by Russia governmental agencies to carry out the cyber attack. 

Believe it or not but data is more valuable than money or time today.  

This is the reason that industry bigwigs are seriously contemplating in data protection frameworks, as they


addressed the Bengaluru chapter of Risk Masterclass, as part of the India Risk Management Awards (IRMA) organised jointly by ICICI Lombard General Insurance and CNBC TV 18. Goradia was speaking at the Bengaluru chapter of Risk Masterclass as part of the India Risk Management Awards (IRMA) organised jointly by ICICI Lombard General Insurance and CNBC TV 18.

“As an insurer, we are seeing that the entire fabric or risk is completely changing,” Sandeep Goradia, Head, Corporate Solutions Group, ICICI Lombard General Insurance Co.

Goradia threw light on the fact that India faces huge risks against environmental led natural disasters. The time is near when regulations similar to the European Union’s GDPR, (Global Data Protection Regulations) will soon come in India. They will indeed have a far-reaching impact on those who store and share data. Companies breaching data protection norms could face huge financial penalties once the regulations come about.

 

Others things which are to be accounted for is human error and fidelity. Staff are handling huge amounts of customer data today. The safety of data therefore in this context is a huge challenge too. Further, there are challenges faced by technological advancements like automation, robotisation and digitalization.

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