Many firms overlook the risks associated with emerging technologies
While organizations across a variety of industries are increasing their focus on emerging technologies to help transform their businesses, many are not assessing the risks that come with their adoption.
That is the finding of a new report from consulting firm KPMG LLP. The firm, in collaboration with Forbes Research, conducted a phone survey of 200 senior executives responsible for IT risk management at large U.S. companies. The results revealed that nearly half (47 percent) have not included mobile applications and devices in recent IT risk assessments.
The findings for other emerging technologies are similar, with 46 percent that have adopted Internet of Things (IoT), 44 percent that have adopted cloud computing, 34 percent that have adopted artificial intelligence (AI), and 32 percent that have adopted robotic process automation (RPA) not assessing their risks.
“Change and disruption has never moved faster and the speed of technology deployment is critical, but it can’t be at the enterprise’s expense,” said Phil Lageschulte, leader of Global IT Advisory Services for KPMG. “Tech risk management should anticipate changes while or before they happen and determine the associated risks. Accordingly, tech risk management should be involved in strategic business planning, embedding the risks and adding value upfront.”
While not actively assessing the risks of adopting emerging and disruptive technologies, most of those surveyed are quite aware that these risks exist. And the risks might only escalate as companies seek to increase their investment in these technologies, the study said.