Why are so many organisations transferring their IT risk management to the cloud? Most organizations today have cloud-based services integrated into their business operations.  This makes sense given the benefits the cloud can bring to an organization. It is often more cost efficient as well as being easier to manage, access and store data than internally hosted systems.

According to BDO’s Technology Outlook survey conducted last year, 74% of Tech Chief Financial Officers (CFOs) stated that cloud computing will have the most measurable impact on their business. The digital revolution of organizations is creating many new risks that most legacy risk management systems do not account for. This is one of the main reasons cloud-based risk management services have seen a surge in popularity. Organizations are beginning to realize the benefits the cloud can have for their work processes. Below, we have compiled the four main reasons why you should consider transferring your IT risk management system to the cloud.

4 Reasons Why Your IT Risk Management Should be Cloud-based

1. IT Risk Management Is Contingent

Like all risks, threats to your organization's IT is perpetual. Legacy risk management services often lack the adaptability their cloud-based counterparts have. The main reason for this is that cloud-based risk management services are being constantly updated, internally or by the provider themselves. An organization’s IT is one of its most important assets. Yet many legacy risk management systems cannot effectively keep up with the perpetual evolution of cyber threats. This is due to the elongated processes required to update them which often involves multi-step, internal and third-party actions. These processes include the identification of new risks, auditing and updating management plans.

2. Security

With 2017, being the worst year on record for cybersecurity hacking and threats, 2018 is predicted to be even worse. As organizations continue to transition their business operations online, it is imperative that their security keeps pace with how digital transformation can negatively impact their organization. It is important to note that cloud-based IT risk management services can increase your organization's exposure to online threats. Therefore, it is imperative to check with the service provider before you choose their software. It is crucial that they offer end-to-end encryption for all your transferred and stored data. You should also make sure that they allow you to conduct regular independent security audits as well as be able to choose which employees have access to what data.

3. Accessibility

One of the great benefits of most cloud-based IT risk management services is that they are designed with functionality in mind. The software is often easy to understand and navigate, empowering every stakeholder to become an IT risk officer. Leading cloud-based IT risk management products also allow multiple levels of access ranging from on-site employees all the way up to the CEO. It is important that all relevant stakeholders can have access to your organization’s IT risk management processes. Cloud-based IT risk management services can allow real-time collaboration across multiple device platforms. This empowers every stakeholder to be able to identify, manage and act on threats to your organization, from virtually anywhere. This is essential for organizations, given the multi-stakeholder risks associated with IT disasters.

It is imperative that the basic functions of your IT risk management mentioned should be accessible to all relevant stakeholders. Many cloud-based IT risk management services enable all stakeholders to be able to identify and access risk protocol through multiple devices including smartphones and tablets. This ensures that the identification processes and risk management protocol are always available to your employees in or out of the office. This increases collaboration through all the stages of the risk management process from identification to treatment and evaluation.

4. ROI

Cloud-based IT risk management services empower organizations to take control of the way they identify, assess and treat risks as well as conduct post-risk evaluation. When considering a migration to the cloud, organizations should take into consideration the space required for on-site data storage as well as the administrative overheads of purchasing and maintaining internal IT risk management services. The cloud is often significantly more cost-efficient when compared to onsite servicing and maintenance. You will also get a greater ROI with cloud-based IT risk management services because their entire business model revolves around the software they offer you. This differs from most legacy systems that internally host and manage their own IT risk management services, where only a few employees understand the full functionality. The SaaS model you choose for IT Risk Management should also cover all expenses associated with their service in the subscription cost. This often results in a lower total cost of ownership than on-premise software as well as a reduction in the maintenance and other overheads associated with internal-based solutions.

Do Your Research

While cloud-based services are here to stay, it is important you make informed decisions when conducting research for potential IT risk management SaaS providers. Conducting research and comparing what each provider offers you with their service is imperative. While these four reasons given are the main attraction to IT Risk Management SaaS, not every service does provide these. Ensure you engage with the product they offer you through trials or demos and make sure what you are purchasing is easy to use and is appropriate for your business.