Top Risk Management Trends for 2023

As we prepare to ring in the New Year, many organizations are planning their risk management strategies for 2023. For the past several years, the topic of cybersecurity has become increasingly popular across all industries. A shift to remote working has continued in many organizations even after the height of the pandemic, which has encouraged an emphasis on cybersecurity and overall risk reduction. According to the experts, in the next year we can expect to see organizations continue to concentrate their efforts on strengthening their cybersecurity infrastructure in various ways. Here are some of the top risk management trends we can expect to see in the coming year:

Cybersecurity and Artificial Intelligence 

According to Forbes Magazine, cybersecurity threats and attacks have grown rapidly which can be attributed to an increased percentage of the workforce choosing to work remotely. Hackers have become increasingly proficient, making it difficult to catch their threats before they become attacks. In fact, hackers have targeted remote workers through phishing emails and infiltrating weak security systems, putting organizations in a vulnerable position. While these threats and attacks can be predicted with some effort, it’s difficult for experts to predict them all. In the next year, we can expect to see experts implement artificial intelligence technologies to help predict and react to these threats. AI has the ability to sort and examine real-time data much quicker than humans.   

Emphasis on Security 

Traditionally, security efforts have been the main responsibility of the IT department. However, now that cybersecurity attacks are more generalized, the responsibility should be shared across departments. Organizations should make it a priority to train staff on security threats and what they can do to protect their organizations, especially when working from home. Organizations might also consider implementing a two-factor authentication verification, especially when accessing confidential information or a company’s network remotely. In addition, 2023 is the year to focus on basic security skills such as changing passwords, notifying the correct department of phishing emails and other targeted scams. 

Focus on Employee Training

Employees can be the greatest line of defense for an organization. On-boarding processes that include cybersecurity training and risk mitigation education help build a strong line of defense when it comes to risk management. Employee education should include understanding policies and procedures for remote work, continued lessons on cybersecurity and an emphasis on strong password protection. In addition, employees should be aware of their roles and responsibilities in the event of a cybersecurity threat or attack. In 2023, we can expect to see organizations working to build a professional environment that shares the responsibility of risk management company-wide. 

 Reducing Risk in 2023

Organizations throughout all industries will see a focus on cybersecurity in the coming year. Employees will continue to play a crucial role in protecting their organization by implementing security measures and identifying cybersecurity threats and attacks. RiskVersity offers employee education, risk management counseling and consultations to identify potential and current risks. Don’t wait until the new year to start protecting your organization.