Grant Thornton cybersecurity meeting

IT risks are the biggest future risks

Cybersecurity: businesses are adopting a “wait and see” approach as concerns the new privacy regulation, but IT risks are the biggest future risks. These are the outcomes of the Grant Thornton Cybersecurity Meeting held in Milan on 17 November.

“Cybersecurity is a hot topic lately, but the new EU Regulation 2016/679 on personal data protection has received an even closer attention. Although the GDPR has become a key point in market discussions, many businesses, especially small and medium-sized ones, are still adopting a “wait and see” approach and have not yet started devising projects to align their policies. But regulatory compliance should not be the sole driver behind companies investing in cybersecurity”, stated Stefano Salvadeo, Co-Managing Partner of Bernoni Grant Thornton and CEO of Grant Thornton Financial Advisory Services.

On 17 November, we welcomed in our offices more than 30 representative from 15+ member firms all over the world for the Grant Thornton Cybersecurity Meeting.

Aim of the meeting was that of devising an integrated, global approach to manage cybersecurity and risk management more in general, with a focus on the alignment with the new European General Data Protection Regulation (GDPR).

Facing the above requires a global, collaborative approach based on shared methodologies and best practices that only an international network can guarantee. Adopting an integrated global approach means being in a position to successfully face complex issues.

According to Mark Hoekstra, Global Leader Cybersecurity Services at Grant Thornton International: “Cyber risks should be part of a holistic risk approach within organisations where the risk agenda is aligned with the strategic goals. That’s what I call Performance Driven Risk Management. It’s not a question if Cyber incidents will affect the performance of your organisation. The question is when will it happen, how can you best react, what can you learn from it and how can you manage minimum damage. IT risks are without a question the biggest future risks.”

Stefano Salvadeo further declared: “If it is true that cyber threats are getting increasingly more complex, it is also true that organisational and technological defence and response techniques are adapting and evolving at an equal pace, thanks especially to Machine Learning and Artificial Intelligence algorithms. Thanks to the investments made over the last years and those planned for future months, and thanks also to the international network we are part of, Grant Thornton FAS can offer its clients the most suitable organisational and technical solution to suit their willingness to manage cyber risks”.