Managing Digital Risks

This publication analyzes the risks of digital transformation and shows how context-aware and integrated risk management can advance the digitally resilient development projects needed to build a more sustainable and equitable future. The publication outlines ADB’s digital risk assessment tools, looks at the role of development partners, and considers issues including cybersecurity, third-party digital risk management, and the ethical risks of artificial intelligence. Explaining why many digital transformations fall short, it shows why digital risk management is an evolutionary process that involves anticipating risk, safeguarding operations, and bridging gaps to better integrate digital technology into development programs.

Digital Risk Management is a subject filled with question marks---related to cybersecurity, it's a maze of obscure definitions, standards, compliance rules, and incrementally developed technologies to delight and confuse. Leaders have to integrate security into their teams and organizations to create an on-going learning environment. Without a coherent framework for putting it all together, it's easy to get lost in claims and jargon. This simple guide explains the big picture of how to assess vulnerabilities and risks and produce actionable policies, that meet external standards and compliance guidelines. It's aimed at anyone who seeks answers to these questions. Without technicalities, it explains the concepts to develop readers' intuitions about the challenges and the threats faced by security planners and reluctant participants.

Secure your business in a post-pandemic world: Master digital risk identification and defense Purchase of the print or Kindle book includes a free PDF eBook Key FeaturesBecome well-versed with sophisticated system-level security risks and the zero-trust frameworkLearn about remote working risks, modern collaboration, and securing the digital data estateKeep up with rapidly evolving compliances and regulations and their impact on cyber risksBook Description With the rapid pace of digital change today, especially since the pandemic sped up digital transformation and technologies, it has become more important than ever to be aware of the unknown risks and the landscape of digital threats. This book highlights various risks and shows how business-as-usual operations carried out by unaware or targeted workers can lead your organization to a regulatory or business risk, which can impact your organization's reputation and balance sheet. This book is your guide to identifying the topmost risks relevant to your business with a clear roadmap of when to start the risk mitigation process and what your next steps should be. With a focus on the new and emerging risks that remote-working companies are experiencing across diverse industries, you'll learn how to manage risks by taking advantage of zero trust network architecture and the steps to be taken when smart devices are compromised. Toward the end, you'll explore various types of AI-powered machines and be ready to make your business future-proof. In a nutshell, this book will direct you on how to identify and mitigate risks that the ever- advancing digital technology has unleashed. What you will learnBecome aware of and adopt the right approach to modern digital transformationExplore digital risks across companies of all sizesStudy real-world cases that focus on post-pandemic digital transformationUnderstand insider threats and how to mitigate vulnerability exploitationGet to know how cyberwarfare targets infrastructure and disrupts critical systemsDiscover how implementing a regulatory framework can safeguard you in the current and future data landscapesWho this book is for This book is for three categories of readers—those who own a business and are planning to scale it; those who are leading business and technology charters in large companies or institutions; and those who are academically or disciplinarily targeting cybersecurity and risk management as a practice-area. Essentially, this book is for board members, and professionals working in IT, GRC, and legal domains. It will also help technology leaders, including chief digital officers, chief privacy officers, chief risk officers, CISOs, CIOs, as well as students and cybersecurity enthusiasts with basic awareness of risks to navigate the digital threat landscape.

The concept of digital risk, which has become ubiquitous in the media, sustains a number of myths and beliefs about the digital world. This book explores the opposite view of these ideologies by focusing on digital risks as perceived by actors in their respective contexts. Perceptions and Analysis of Digital Risks identifies the different types of risks that concern actors and actually impact their daily lives, within education or various socio-professional environments. It provides an analysis of the strategies used by the latter to deal with these risks as they conduct their activities; thus making it possible to characterize the digital cultures and, more broadly, the informational cultures at work. This book offers many avenues for action in terms of educating the younger generations, training teachers and leaders, and mediating risks.

Based on technical assistance to central banks by the IMF’s Monetary and Capital Markets Department and Information Technology Department, this paper examines fintech and the related area of cybersecurity from the perspective of central bank risk management. The paper draws on findings from the IMF Article IV Database, selected FSAP and country cases, and gives examples of central bank risks related to fintech and cybersecurity. The paper highlights that fintech- and cybersecurity-related risks for central banks should be addressed by operationalizing sound internal risk management by establishing and strengthening an integrated risk management approach throughout the organization, including a dedicated risk management unit, ongoing sensitizing and training of Board members and staff, clear reporting lines, assessing cyber resilience and security posture, and tying risk management into strategic planning.. Given the fast-evolving nature of such risks, central banks could make use of timely and regular inputs from external experts.

This book explores how digital transformation is reshaping the manner in which higher education sectors emerge, work, and evolve and how auditors should respond to this challenging and risky digital audit universe in transforming the higher education system. It serves to help professionals to understand the reality of performing the Chief Audit Executive (CAE) role in today’s evolving business economy, specifically in the higher education sector. It compares and contrasts the stated IIA standards with the challenges and realities auditors may face and provides alternative scenarios to gaining a "seat at the table." This book also provides insight into critical lessons learned when executing the CAE role relevant for digitally transforming universities. The main purpose of this study is to rethink the audit culture in the digital era and reveal the key characteristics that are open for improvement so that digitally transforming universities can be audited according to the higher education standards with a digitally supported value-added audit approach. Based on this approach, the audit culture is reassessed considering the digital university conceptual framework and business model. There are two main points to consider for the digital university work environment: traceability and auditability. In this respect, policy recommendations are made for best practices to achieve value-added digital audits in transforming universities. The book has been written from both the reality and academic perspectives of two experienced authors. Sezer is a past CAE, CEO, and long-term senior internal auditor who has worked in the internal audit role for various listed companies, financial institutions, and government entities. Erman has extensive information technology and university accreditation knowledge in the global higher education sector. This brings a blend of value-added approaches to the readers and speaks to issues about understanding and dealing with audit culture and business evolution in digitally transforming organizations along with the requirements for upholding IIA standards. Geared toward the experienced or new CAE, University Auditing in the Digital Era: Challenges and Lessons for Higher Education Professionals and CAEs can be a tool for all auditors to understand some of the challenges, issues, and potential alternative solutions when executing the role of university auditing. In addition, it can be a valuable reference for university administrators and CIOs, as well as academics and all stakeholders related to the higher education sector.

This OECD Recommendation and its Companion Document provide guidance for all stakeholders on the economic and social prosperity dimensions of digital security risk.