No Result
View All Result
SUBSCRIBE | NO FEES, NO PAYWALLS
MANAGE MY SUBSCRIPTION
NEWSLETTER
Corporate Compliance Insights
  • Home
  • About
    • About CCI
    • Writing for CCI
    • NEW: CCI Press – Book Publishing
    • Advertise With Us
  • Explore Topics
    • See All Articles
    • Compliance
    • Ethics
    • Risk
    • FCPA
    • Governance
    • Fraud
    • Internal Audit
    • HR Compliance
    • Cybersecurity
    • Data Privacy
    • Financial Services
    • Well-Being at Work
    • Leadership and Career
    • Opinion
  • Vendor News
  • Career Connection
  • Events
    • Calendar
    • Submit an Event
  • Library
    • Whitepapers & Reports
    • eBooks
    • CCI Press & Compliance Bookshelf
  • Podcasts
  • Videos
  • Subscribe
  • Home
  • About
    • About CCI
    • Writing for CCI
    • NEW: CCI Press – Book Publishing
    • Advertise With Us
  • Explore Topics
    • See All Articles
    • Compliance
    • Ethics
    • Risk
    • FCPA
    • Governance
    • Fraud
    • Internal Audit
    • HR Compliance
    • Cybersecurity
    • Data Privacy
    • Financial Services
    • Well-Being at Work
    • Leadership and Career
    • Opinion
  • Vendor News
  • Career Connection
  • Events
    • Calendar
    • Submit an Event
  • Library
    • Whitepapers & Reports
    • eBooks
    • CCI Press & Compliance Bookshelf
  • Podcasts
  • Videos
  • Subscribe
No Result
View All Result
Corporate Compliance Insights
Home Featured

4 Forecasted Trends for 2021 Security and Compliance Strategies

by Jody Paterson
October 6, 2020
in Featured, Risk
trends 2021

2020 has delivered challenges few could have foreseen – namely the black swan of COVID-19 and all its attendant issues. Looking into 2021, ERP Maestro’s Jody Paterson offers guidance based on anticipated trends.

More than a few people are likely ready to put 2020 to bed and start afresh in 2021. From a business perspective, we still have work to do in the remaining months to make up for earlier losses before we close the door on the 12-month period at hand. However, it’s not too soon to get ready for the year ahead by taking a look at anticipated trends.

1. Preparedness and Risk Management

In 2020, businesses encountered more uncertainty and rapid shifts in everything – from where employees worked to how they marketed and sold goods and services to adjusting budgets and revenue expectations – like at no other time in recent history. It was a shock to everyone, including leaders at the top, those down through the ranks and especially those who lost jobs as a result.

The events of this year were completely unexpected and unplanned. Worldwide, no one considered a scenario in which the majority of the global workforce would work remotely or how they would keep business systems secure in such a situation.

Business leaders should not only be thinking about how to complete this year safely with any continued remote work, but also be seriously reviewing their risk management solutions and contingency strategies to be ready if another crisis like COVID-19 forces employees home once again. This will become a top concern for 2021 planning and here on out.

2. Cloud Technology

We already know that cloud technology will continue to play a big part in the future of work, just as it has been doing consistently over many years now, and it will have a larger role than most anticipated in 2021 due primarily to the rise in remote work and also the need for better agility and less cost associated with on-premise solutions.

As companies seek to provide both tools for anytime-anywhere work while also decreasing costs, cloud deployments will rise. A decrease in traditional on-site work will also cause a decrease in on-premise software for ease of access, zero maintenance and cost-cutting. Companies that have not yet undergone advanced digital transformation and moved the bulk of business systems to cloud applications should be doing that now – especially when vendors may also be willing to offer greater savings coming out of COVID-19.

3. More Internal Security Spend

At the end of 2020’s second quarter, Gartner was already predicting a 33.3 percent increase in spending on cloud security this year over 2019. While other technology spending will still increase over the previous year, it will do so to a lesser degree than was previously predicted. The increased demand for cloud technology in general will also translate into the security technology industry.

It only makes sense that internal security spending will be included in the cloud security spend forecast. With more employees working from home – with less supervision now and potentially into the future and with conditions ripe for more cases of employee fraud and data breaches – the need is growing to protect systems from insider threats. Many of the conditions that caused an increase in fraud during the 2008 recession are prevalent today. Employee layoffs, financial insecurity, less direct supervision and furloughed IT and security teams can make fraud much more likely.

Historically, external security has been a higher priority for companies because of the lack of knowledge when it comes to the devastating impact of internal threats. That is finally changing, and businesses should be preparing for even more investments in tools to prevent insider incidents in 2021.

4. A Closer Eye on Audit

Investor scrutiny is apt to increase and, as a result, so will audit and compliance activities to ensure investors that controls to protect against insider threats are effective and that financial statements are accurate. This closer examination of risks and controls stems from the surge of remote workers, the conditions for potential growth in fraud cases and unsteady revenue growth. Stakeholders will want added assurance that financial statements have not been altered or numbers manipulated. They will also want better risk management data and the peace of mind that assets are protected from external and internal threats equally.

Organizations will want to make sure they have robust segregation of duties, risk analysis and reporting tools to provide rapid insights to catch and remediate risks. To accommodate remote work and reduced budgets, cloud solutions for this work will be more in demand.

Although there are a few months left in 2020, we have learned enough from this year about what to expect and how to plan and be better prepared going into 2021.


Tags: Cloud ComplianceCOVID-19
Previous Post

Refinitiv Acquires The Red Flag Group, Significantly Expanding its Suite of Due Diligence Offerings

Next Post

Zoom HIPAA Compliance: What You Need to Know

Jody Paterson

Jody Paterson

Jody Paterson is a trusted governance, risk and compliance advisor and thought leader who is a Certified Information Security Specialist (CISSP), a Certified Information Security Auditor (CISA), a KPMG veteran and founder of ERP Maestro.  

Related Posts

uvalde crosses

Will 2023 Bring More ‘Permacrisis’ Culture?

by Lisa Schor Babin
January 4, 2023

While 2022 had no shortage of chaotic events, ethics columnist Lisa Schor Babin shares her hopes for 2023 — and...

data spillage

Instead of Crying Over Spilled Data, Shore up Your Governance Practices

by Rich Hale
October 12, 2022

The reputational damage and compliance failures that result from a data spillage incident are well-known, and as the volume of...

amazon web services

Dark Clouds: Capital One Proves Financial Institutions Can’t Rely on Providers for Security

by Michael Volkov
September 7, 2022

Going by the online handle “erratic,” a former Amazon software engineer conducted an extensive hacking scheme that gave her access...

Hidden Threat? They Know There’s a Problem, But Companies Are Still Failing to Intercept Real-World Dangers

Hidden Threat? They Know There’s a Problem, But Companies Are Still Failing to Intercept Real-World Dangers

by Staff and Wire Reports
August 17, 2022

From climate change to the Covid-19 pandemic to hateful political rhetoric — modern society poses risks not only to the...

Next Post
Zoom HIPAA Compliance: What You Need to Know

Zoom HIPAA Compliance: What You Need to Know

Compliance Job Interview Q&A

Jump to a Topic

AML Anti-Bribery Anti-Corruption Artificial Intelligence (AI) Automation Banking Board of Directors Board Risk Oversight Business Continuity Planning California Consumer Privacy Act (CCPA) Code of Conduct Communications Management Corporate Culture COVID-19 Cryptocurrency Culture of Ethics Cybercrime Cyber Risk Data Analytics Data Breach Data Governance DOJ Download Due Diligence Enterprise Risk Management (ERM) ESG FCPA Enforcement Actions Financial Crime Financial Crimes Enforcement Network (FinCEN) GDPR HIPAA Know Your Customer (KYC) Machine Learning Monitoring RegTech Reputation Risk Risk Assessment SEC Social Media Risk Supply Chain Technology Third Party Risk Management Tone at the Top Training Whistleblowing
No Result
View All Result

Privacy Policy

Founded in 2010, CCI is the web’s premier global independent news source for compliance, ethics, risk and information security. 

Got a news tip? Get in touch. Want a weekly round-up in your inbox? Sign up for free. No subscription fees, no paywalls. 

Follow Us

Browse Topics:

  • CCI Press
  • Compliance
  • Compliance Podcasts
  • Cybersecurity
  • Data Privacy
  • eBooks Published by CCI
  • Ethics
  • FCPA
  • Featured
  • Financial Services
  • Fraud
  • Governance
  • GRC Vendor News
  • HR Compliance
  • Internal Audit
  • Leadership and Career
  • On Demand Webinars
  • Opinion
  • Resource Library
  • Risk
  • Uncategorized
  • Videos
  • Webinars
  • Well-Being
  • Whitepapers

© 2022 Corporate Compliance Insights

No Result
View All Result
  • Home
  • About
    • About CCI
    • Writing for CCI
    • NEW: CCI Press – Book Publishing
    • Advertise With Us
  • Explore Topics
    • See All Articles
    • Compliance
    • Ethics
    • Risk
    • FCPA
    • Governance
    • Fraud
    • Internal Audit
    • HR Compliance
    • Cybersecurity
    • Data Privacy
    • Financial Services
    • Well-Being at Work
    • Leadership and Career
    • Opinion
  • Vendor News
  • Career Connection
  • Events
    • Calendar
    • Submit an Event
  • Library
    • Whitepapers & Reports
    • eBooks
    • CCI Press & Compliance Bookshelf
  • Podcasts
  • Videos
  • Subscribe

© 2022 Corporate Compliance Insights

Welcome to CCI. This site uses cookies. Please click OK to accept. Privacy Policy
Cookie settingsACCEPT
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT