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WHAT ELSE IS ON THE TECH RISK RADAR?
KPMG’s Technology Risk Radar analysed over 400 real IT incidents and failures that had been reported in the media – and retailers and consumer markets organisations featured high up the list. From the 17 sectors analysed, Consumer Markets organisations ranked behind only Government/Public Sector, Financial Services and Technology organisations.
So what were the learning points?
Firstly, it is not only about hacking attacks. Hacking and data leakage may get most of the media attention, but the Risk Radar found that other top risks were IP theft, malware and phishing too.
To some extent, organisations need to ignore the hype and focus on the basics. Legacy systems for example, having frequently suffered from years of under-investment, may not be as secure, stable or effi cient as they could be, increasing vulnerability and the risk of system outage.
A major IT project failure – outright failure to complete the project, a signifi cant cost overrun, or failure to deliver the expected benefi ts – can also damage an organisation and its reputation (and share price) so effective project management must be a priority.
Systems also need to talk to each other and checks and balances need to be in place. There was an incident at one retailer of a supplier inadvertently changing the data in a spreadsheet – no one noticed for months because the spreadsheet sat in isolation and it was only as year end approached that anyone actually looked at it.
The Risk Radar shows that IT risk takes many forms. Companies need to be alive to all of them.
Chris Gumn Partner, Technology Risk Consulting
T: +44 (0) 121 335 2364 E:
chris.gumn@
kpmg.co.uk
Chris has 25 years experience in information technology with a particular focus on the Consumer and Retail sectors. During his career, Chris has been a CIO for a global automotive manufacturer, a management consultant and IT risk and assurance partner. He leads teams delivering global external and internal IT audits, building independent assurance programmes for large-scale IT-enabled business transformation programmes and leading governance and controls improvement programmes. Chris is a member of the Consumer Markets and Retail leadership team at KPMG.
© 2014 KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and a member fi rm of the KPMG network of independent member fi rms affi liated with KPMG International Cooperative, a Swiss entity. All rights reserved.
TECH RISK RADAR
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