Intermediate

Why a proactive cybersecurity strategy is essential for organizations today

Teun Tonino — Tue, 23 May 2023 06:28:00 +0000

In today’s digital age, where technology permeates every aspect of our lives, organizations face an ever-evolving and sophisticated threat landscape. Cyber attacks have become more prevalent, sophisticated, and damaging than ever before. It is no longer enough for organizations to simply react to incidents after they occur; a proactive cyber security strategy has become essential. In this blog post, we will explore the reasons why organizations need to adopt a proactive approach to cyber security and the benefits it brings. Evolving cyber threat landscape Cyber threats are constantly evolving, with attackers finding new ways to exploit vulnerabilities in systems and networks. Recent high-profile attacks like ransomware incidents, data breaches, and supply chain attacks have highlighted the gravity of the situation. Organizations cannot afford to wait until they become victims; they must anticipate and prepare for emerging threats. By implementing a proactive cyber security strategy, organizations can stay ahead of attackers and mitigate potential risks. Cost of cybersecurity breaches The financial and reputational costs of cyber attacks are staggering. Studies show that the average cost of a data breach is in the millions, considering the expenses associated with incident response, remediation, legal fees, and customer notification. Moreover, the damage to an […]

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The impact of AI on compliance

Teun Tonino — Tue, 28 Mar 2023 07:02:51 +0000

As a Compliance Officer, you’re likely well aware of the ever-increasing regulatory landscape and the need for businesses to adhere to strict compliance requirements. However, with the advent of AI, Compliance is set to undergo a transformative shift that will impact how businesses manage regulatory compliance, risk management, and regulatory reporting. In this blog post, we’ll explore the impact of AI on Compliance. Automating Compliance Tasks One of the most significant impacts of AI on Compliance is the ability to automate tedious and time-consuming compliance tasks. For example, AI-powered tools can quickly and accurately screen large volumes of data to detect potential compliance issues, freeing up Compliance Officers’ time to focus on more strategic tasks. According to a survey by Accenture, 80% of Compliance Officers believe that AI will transform the Compliance landscape by automating manual processes. Reducing the Risk of Non-Compliance AI can also help reduce the risk of non-compliance by proactively identifying potential issues before they become a problem. Machine learning algorithms can analyze vast amounts of data to identify patterns and anomalies that might indicate a compliance risk. This means that Compliance Officers can take preventative action before a violation occurs, reducing the risk of costly fines, […]

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What can other industries learn from the financial sector?

Teun Tonino — Tue, 11 Oct 2022 06:00:53 +0000

Although risk management and compliance do play a role in most industries today, regulatory compliance and risk management are not at the same high level in every sector. Companies that are active in the financial sector, for example, must comply with strict(er) rules from regulators and other stakeholders. This ensures that risk management and the level of control of compliance issues in the financial world often have a higher maturity level than in most other sectors. For example, this industry applies enterprise risk management (ERM) much more consistently. They use this method at a maturity level that other industries can learn a lot from. From necessity to virtue After the financial crisis in 2008, the financial sector came under a social magnifying glass. Politicians, customers and society demanded change. As a result, the industry had to deal with stricter laws and regulations. Organizations in the financial sector have made a virtue of necessity and are therefore strongly committed to building and maintaining specialist knowledge in the field of risk management, internal control and compliance with legislation and regulations. The example of the financial sector But in which areas exactly is the financial sector ahead of the curve when it […]

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What are RO, RA, RE and RC and how do they differ?

Teun Tonino — Tue, 20 Sep 2022 06:00:57 +0000

Do you know the difference between an RO, RA, RE and RC? They all play a big role in the management of your company. The abbreviations are very similar, but the work of these professionals is quite different. In any case, what they have in common is that they are university and post-graduate degrees. Below we will discuss what these titles mean and when it is best to hire people with these titles. Register Operational Auditor (RO) An RO is a qualified internal audit professional with knowledge and experience in business operations. What does an RO do? The task of an RO is to investigate business operations from a broad and general approach. He does this from a multidisciplinary vision and thus provides insight to the highest management of the organization. As a generalist, the RO helps to tell the story behind the numbers. He looks at all aspects of the company and advises on improvements based on that. Chartered Accountant (RA) The use of the title Chartered Accountant (RA) is protected by law. This means that you may only bear this title if you are registered in the register of the Dutch professional organization of accountants. What does an […]

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The importance of compliance and risk management at scale-ups

Teun Tonino — Tue, 23 Aug 2022 06:00:31 +0000

The number of start-ups and scale-ups is growing rapidly, especially in the world of Fintech. One of the reasons for this is that technological developments offer the possibility of introducing new services or products onto the market at relatively low cost. The threshold to start and to expand quickly in the event of growth and success is therefore low. What is often lacking at scale- and start-ups? Spend sufficient time on laws and regulations, compliance and a good internal control framework for risk management. Stakeholders, on the other hand, expect that these matters are properly arranged and that the partners they work with are ‘in control’. In this article you can read why compliance and risk management are important and how you can fine-tune these matters with the right measures and expertise. From start-up to scale-up: the challenges When compliance and risk management are lacking, start-ups often fail before they can grow into full-fledged scale-ups. In practice, only about 5 percent of all start-ups reach the scale-up stage. This often has to do with the dynamics of this type of organisation. They often grow rapidly and must meet both the needs of the market and the demands of the investors […]

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Are you prepared for DORA?

Teun Tonino — Tue, 19 Jul 2022 05:00:23 +0000

Digitization and technical innovation create plenty of opportunities for the financial industry, but they certainly also entail risks. To curb these risks, the European Union has designed regulations to increase the digital resilience of this important sector: the Digital Operational Resilience Act (DORA). The Dutch Authority for the Financial Markets (AFM) expects this regulation, which the European Council is currently discussing, to enter into force at the end of 2022 or early 2023. But what exactly does DORA mean? What does the EU law mean for companies active in the financial industry? And how can these companies prepare for the new legislation? Read on for the answers to these pressing questions. What is DORA? With DORA, the EU aims to create a unified legislative framework in the field of cybersecurity in the financial sector. At present, the rules in this area are fragmented or limited. Sometimes rules only apply at the national level or there are no rules at all, leading to inconsistency in regulations between different EU Member States. The consequence? More cyber risks and unnecessary costs for financial institutions, but also uncertainty about the rules that apply in certain countries or regions. The European Commission (EC) has formulated […]

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‘Attack surface management’: what is it and why is it important?

Teun Tonino — Mon, 04 Jul 2022 07:00:56 +0000

Modern CIOs face a challenging task: driving digital transformation and innovation, while protecting the organization from the growing number of advanced cyber threats and attacks. Digital transformation almost always leads to a larger, more varied, and more complex IT landscape. This has a larger attack surface and is often more difficult to manage than a small IT environment. One of the best ways to keep your digital environment safe is ‘attack surface management’, the top trend in cybersecurity according to Gartner. But what does this concept mean? And why is it important to pay attention to it? You can read it in this blog article. What is an attack surface? An attack surface is the sum of the number of IT assets within an organization that have been exposed to any cyber risks. Those parts may have a safe, vulnerable or unknown status. An organization’s attack surface includes IT components that are on-premises, in the cloud, in subsidiary networks, and in third-party environments. An attack surface also changes continuously over time. New applications and systems are added, while others are disappearing. Wat is attack surface management? Attack surface management is an ongoing process that helps you assess and classify the […]

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COSO ERM and ISO 31000: the similarities and the differences.

Teun Tonino — Wed, 15 Jun 2022 07:00:45 +0000

To further professionalize risk management, it is important to apply a good and recognized framework for risk management. COSO ERM and ISO 31000 are the world’s two most important standards for enterprise risk management (enterprise risk management). What exactly do these ERM standards mean? And what are the main similarities between COSO ERM and ISO 31000? You can read it in this blog article. What is COSO ERM? COSO ERM is a widely used risk management model that provides guidelines for internal controls and their management. It is a framework that helps you to gain more insight into the realisation of important organizational objectives, for example in the field of the efficiency of business processes or compliance with laws and regulations. The COSO framework interweaves 4 types of risks (strategic and operational risks, risks in the field of management information and risks from legislation and regulations) in different process steps that you have to go through and that almost every large organization has to deal with. What is ISO 31000? ISO 31000 is an ERM framework that consists of three main parts: The risk management principles that form the foundation of the model. The framework that encompasses the entire policy […]

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Ensuring the follow-up of management letter items and audit findings? This is how to do this!

Teun Tonino — Mon, 30 May 2022 07:00:28 +0000

Many organizations have to deal frequently with management letters and findings from internal audits. Management letters like reports from external accountants to the supervisory board or a company management. But they often have trouble resolving those points or providing proper follow-up. In this article we give you a number of practical tools to better organize the follow-up of findings from management letters and internal audits. Use it to your advantage! Which items are covered in a management letter and internal audit? A management letter often contains findings and recommendation about the operational management and administrative organization of a company. For example, consider the internal control of processes and risks or the design and cost efficiency of the IT environment, but also the administrative organization of a company or institution and current developments in the financial and policy areas. An internal audit mainly focuses on the proper and reliable functioning of business processes and working methods. Follow-up frustration Organizations often have difficulty translating the findings and recommendations from management letters and internal audits into proper follow-ups and targeted improvements. The subject is (too) complex, while monitoring follow-ups and improvements is difficult due to the lack of good systems and dedicated experts. […]

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Will a cyber war affect my company?

Teun Tonino — Thu, 28 Apr 2022 11:08:52 +0000

The Russian war against Ukraine had started long before the tanks and military crossed the borders and rocket attacks left multiple cities in ruins. Where? On the online battlefield. Long before the invasion, attacks were carried out against the systems of Ukrainian government institutions, the Ukrainian armed forces and tech companies. 4 out of 5 cyber attacks could be traced back to Russian actors. Especially now that economic and social infrastructure is dependent on the availability and functioning of IT systems, cyber warfare and cyber crime are unfortunately effective and efficient ways to disrupt companies, government institutions and even entire countries. In this article we explain what cyberwarfare is, why it is an effective and disruptive way of warfare and what the consequences can be for companies. What is cyberwarfare? Cyberwarfare is a form of warfare in which hackers and cybercriminals attack nation states, organizations or companies in hostile countries with computer or network sabotage for political motives. The target? Gain political, military or economic advantage from disrupting, cracking (stealing valuable data) or shutting down critical IT systems. A cyber war can therefore be aimed at sabotage, espionage or a combination of both. It is no coincidence […]

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