The European Union (EU) General Data Protection Regulation (GDPR) is one of the most talked about directives to emerge over the past few years, and certainly one of the most important changes in data privacy regulation in recent times.

Cyberattack doesn’t just impact the organisations that get hacked, there are serious repercussions for the global economy too, and can cause billions of dollars in damage. The threat is even greater for heavily regulated industries such as financial services (FS) & for regulated industries such as health care and financial services. Here are some stats that reveal the scale of the problem.

A previous Hes-so study identified human risk as one of the major threats to banks and other FS providers, and the new project will use OXIAL’s GRC software to amplify the weak signals within an organisation and prevent human risk from causing too much damage.

The European Union (EU) General Data Protection Regulation (GDPR) is one of the most talked about directives to emerge over the past few years, and certainly one of the most important changes in data privacy regulation in recent times.

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.

IT organisations operate in a complex, vulnerable, and rapidly changing environment. Their mandate spans from managing business critical processes, a multitude of technologies, to operating in a virtual ‘Cloud’ environment. This complexity, together with cost reduction imperatives, has driven many organisations to outsource part of their services, where data, processing, or even the services themselves are managed by a third party.

Digitisation has transformed many elements of business over the past decade or so, changing the way we collaborate, manage documents and much more besides.

Organisations can now benefit from a real-time and integrated view of all cyber security threats, thanks to the new IT GRC solution from new generation GRC solution provider OXIAL, that integrates IT risks and threats with overall risk and compliance structures.

New generation GRC solution provider OXIAL, and financial markets specialist GreySpark are teaming up for a joint presentation at OpRisk Europe 2017, that addresses ‘digital compliance – myth or must?

New approaches are required, which is why OXIAL is partnering with Global Data Sentinel (GDS) and Mice360 to jointly develop the next-generation of GRC solutions. These solutions will be for use by both the public and private sector markets and we are aiming to deliver an end to end solution for data privacy (GDPR) and cybersecurity.