Cloud computing has evolved to become a strategic business enabler for many firms. Cloud ecosystems are being orchestrated to connect employees, customers, partners, vendors, and devices in order to serve rising customer expectations. Organisations will transit from being mere cloud adopters to becoming cloud platform companies themselves, and in time becoming stewards of their own cloud ecosystems. At the recent Learn At Lunch on 14 March 2019, Mr Jansen Tang, Senior Vice President, Cybersecurity and IT Risk Department of GIC Singapore, examined how an organisation’s governance, policies and risk management practices must evolve to keep pace with the rate of change.
Attended by over 20 internal audit practitioners, Mr Tang shared more about cloud computing, its associated risks relating to technology, cyber and information, and a sample cloud governance framework. Before moving to the cloud, organisations should take a position on their risk appetite on cloud computing and ensuring that the cloud computing strategy aligns with the organisation’s strategy, objectives and control framework.
“Cloud computing is transforming the way organisations manage IT to achieve efficiencies while reducing costs. Implementing a cloud strategy changes the risk landscape in many ways. Confidentiality, security, and service continuity become critical considerations. Before implementing a cloud computing model, it is essential to proactively identify and understand risks and ensure that data security and privacy adhere to compliance and control frameworks,” said Mr Tang.
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