When we predicted the cybersecurity trends for 2020, ransomware was one of the main factors we discussed. It’s been around since 2012 and has really come to prominence as a threatover the past few years in particular.
This growth in ransomware attacks has led to companies taking IT risk management much more seriously than previously. It has also encouraged significant growth in cybersecurity tools and integrated cybersecurity modules within GRC software and IT GRC tools.

1 January 2020 not only marked the start of a new year but a new decade. The previous decade was notable for many things, but prominent amongst them was a major focus on compliance and data privacy and security in the digital age.
The regulatory compliance that had been in place before then had been developed at the start of the internet era and had soon become unfit for purpose. Consumer data was not protected effectively, a situation that needed to be addressed. This protection arrived in the shape of regulation such as the European Union’s (EU) General Data Protection Regulation (GDPR), which came into force in May 2018.

For anyone that lives or works in the UK, the New Year’s honours list is always something that gathers a lot of attention. An annual tradition that began in Queen Victoria’s reign, the New Year honours are part of the British Honours system and reward people for a wide variety of achievements.
These include sporting success, military bravery, public service and much more, and recognise celebrities as well as members of the general public. The most recent New Year honours announcement (27 December 2019) was even more high profile than usual, as the UK government posted online the private addresses of more than 1,000 people to be awarded New Year’s honours.

The cybersecurity sector has grown enormously over the last decade, as cybercrime become one of the principal risks facing organisations of all sizes and in all sectors. Cybercriminals are now so sophisticated, professional and motivated that defending an organization is no small undertaking.

Businesses invest in the latest cybersecurity tools and GRC software to protect themselves and mitigate against the risk, but it’s still a challenge. The latest Accenture ‘Cost of Cybercrime’ study, revealed that organisations have seen security breaches grow by 67% in the past five years.

Oxial and the GRC software market

The business and technology worlds move so quickly at times, that it can feel like a major undertaking keeping up with all the developments and changes. It’s certainly felt like that in 2019 for Oxial and the broader IT GRC tools sector. It’s been a year of growth and development, of successes for the company and a broader industry understanding of why GRC solutions are so important for organisations of all sizes in the modern business world.

Managing and mitigating risk, ensuring regulatory governance requirements are met and addressing compliance requirements have all become bigger priorities for businesses during 2019. It has also become clear that the best way of addressing these challenges is via an integrated GRC solution.

The main 2019 trends in risk management

The risk management industry is one of the most fast-changing in business. The threats facing businesses in the current era seem to grow in number and variety with each passing week. This in turn has an impact on the technology used to manage and mitigate risk – the enterprise risk management software and the IT GRC tools.
The varied risks and threats affect how a business approaches risk management and which solution they use to do so and 2019 has been another highly eventful year. Summarising the main industry trends is important – by looking at what occurred in 2019, so organisations can better prepare for the year ahead in risk management.

Compliance is a topic that’s been inching up the boardroom agenda for several years now. More than ever, organisations need to demonstrate that they are properly governed and that they meet regulatory compliance requirements, at a local, national and international level, and also those set by different authorities in various industries.

This has never been truer than it is in 2019. With more compliance requirements than ever, organisations have been hit with some of the biggest fines and penalties that the business world has ever seen.

It stands to reason that bigger organisations have more resources than mid-market firms. They have bigger budgets for different business functions, such as marketing, IT or compliance, and can employ more people to work in those functions.

They can also afford to equip those employees with the best and most effective technologies, such as the latest GRC tools for the compliance team. It’s easy then, for mid-market firms to feel that it is hard to compete with larger organisations. They don’t have the same resources with which to approach certain business tasks, so why should they try and make it a priority?

oxial risk management software in Morocco

Financial Services (FS) is a highly important sector for Oxial. Some of our first clients were FS companies, we currently work with FS firms all over the world and it’s a sector in which we are highly experienced in and knowledgeable about.

FS has become more heavily regulated than ever, both at a local and global level, and there is also more risk facing the sector than there has been previously. This means that FS firms must be ever more vigilant about managing and mitigating risk, and must deploy the right GRC tools to help with this and to ensure they remain compliant.

Managing and mitigating risk is a key priority for businesses all over the world. The business, economic and regulatory landscape is changing rapidly and in a global economy it is essential for organisations to have a thorough understanding of the risks they are facing and how they can best mitigate those risks to ensure on-going business success.

There are many risks facing organisations in Africa and the Middle East, such as the impact of climate change, increasing global data governance regulation, cyber security threats and global political and economic turbulence, to name just a few.