Wednesday, April 11, 2018

Every single day you get caught in the grey.

Cryptocurrency World
It seems like the Bitcoin frenzy has died down a bit, and now the real system behind it - blockchain - is under fire. Or rather, how to audit blockchain and similar platforms to match the evolving responsibilities.

Many organizations have decided to accept and use cyber transactions but have not explicitly designated specific roles to process the information, audit the system, and oversee its security. The fear of fraud and criminal activities continues to grow and seems to constantly come up in our news feed. Regulatory challenges are slowly emerging and companies are trying to figure out how to best perform customer due diligence on virtual currency transfers. The Facebook scandal has opened a flood of questions and demands that companies may not be prepared to answer, and what sort of new regulations and penalties will surface. As cyber-responsibilities continue to evolve, the pressure on internal auditors continues to increase. That includes ensuring that their efforts align with the companies' overall cyber-security approach and effectively transmitting messages to their employees. 

Rise of the Machines: The Internet of Things
It is important now more than ever for companies to behave ethically. The question is, how can you guarantee your employees will behave that way? According to Brian Brown, the Principal and Cybersecurity Practice Leader at Mazars USA said that there are three lines of cyber-security defense that must improve together: business units and cyber-security teams, risk management, and internal audit. Brown said the key to help many internal audit departments would be "external help when it comes to cyber-security because it's typically not a core skill set that they are going to maintain as part of their department". A survey conducted by Compliance Week and Mazars USA found that 31 percent of respondents felt that their cyber-security efforts were "managed", aka their processes were being properly monitored and performance measured. Apparently, only 25 percent of respondents do not track the maturity of their cyber-risk programs, to which Brown responded, "If you do not have a framework in place, you are going to be haphazard in your approach to managing your cyber-risk, and your results are going to show that." Essentially, is it worth it for your company to ignore the impending costs and damages we can, and should, expect in the future?

As we have seen in the past, it only takes one person to make the wrong decision that could upend a company. Don't let that be you.

Written by Caitlin Schmit - Strategic Brand Manager

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