Oxial IT GRC: why IT risk is now a business risk?

June 21, 2017

Think about what happens when an organisation is subject to a cyber attack. IT systems may be frozen, or go down, private data may be stolen or published online and the entire process is a major inconvenience for all concerned.

But it isn’t just an IT inconvenience, there are consequences and repercussions for the entire business. In short, cyber attacks are not an IT risk, there are a business risk and should be treated as such. That’s why we believe that traditional approaches to managing IT risk are flawed and with that in mind have launched this week our new OXIAL IT GRC solution.

Introducing OXIAL IT GRC

OXIAL IT GRC is a new approach to IT risk management, that integrates IT risks and threats with overall risk and compliance structures. This means that organisations can now benefit from a real-time and integrated view of all cyber security threats, guaranteeing a better level of security and performance, and providing powerful features to manage IT priorities in line with business expectations.

Perfect for either the Financial Services (FS) or Insurance industries OXIAL IT GRC offers risk, audit and control modules, as well as information security modules focused on an IT Governance approach. With the threat of cyber attack growing year-on-year, and the increased professionalism and sophistication of hackers, OXIAL IT GRC is what is required to counter the threat of cyber attack in 2017 and beyond.

IT risk – begins with smart governance

The new solution is based on the idea that IT risk management begins with smart and effective governance. OXIAL IT GRC provides a balanced and comprehensive view of every single one of an enterprise’s business risks, including the bringing together all elements of IT risk including availability, security, project management and disaster recovery, and integrating those with overall risk and compliance structures.

We believe that is the way forward in terms of managing IT risk, and it’s an idea that certainly proved popular with the press when we launched OXIAL IT GRC earlier this week.  Many important media covered the launch form across different sectors of the press, including  number of key press covered the new service, including Institutional Asset Manager, Finextra and International Finance Magazine.

Defending against cyber attack is too complex and nuanced to leave to an often over-stretched IT department, that is busy with all manner of other tasks and day-to-day fire fighting. Cyber attack is emphatically not just a IT issue and will cut right to the core of any organization that is not sufficiently protected. That’s why IT risk should be managed along with other risks to the business, as the most effective way of keeping an organiaation safe and secure against such threats.