What are the most important IT risks that executives should consider?

Cybersecurity Breaches and Attacks: This includes risks from various types of cyberattacks such as ransomware, phishing, and advanced persistent threats (APTs). The impact of these attacks can range from data loss to significant financial and reputational damage. Data Privacy and Compliance Risks: With increasing regulatory requirements like GDPR and CCPA, executives must ensure that their organizations comply with data protection laws. Non-compliance can lead to legal penalties and loss of customer trust. Insider Threats: Risks associated with employees or contractors misusing access to corporate systems and data. This can be intentional (malicious insiders) or unintentional (accidental breaches due to negligence).

While rigorous project management is a Must to maintain progress to goal, cancelation should also be considered. Most often organizations manage a portfolio of 'In-Flight' and 'On-Deck' projects. In-Flight projects must be evaluated on a consistent basis to ensure performance to goal(s). Should original goals not be achievable without additional resources - time, money, staffing - value to the organization must be reconsidered, potentially resulting in cancelation. This frees valuable resources for On-Deck projects. The adage 'Don't throw good money after bad' applies.

As a cybersecurity expert, when discussing IT project failures, I would focus on aspects where cybersecurity intersects with project management. These failures often occur due to a combination of technical challenges, management issues, and cybersecurity oversights. Key factors include: Inadequate Risk Management: Failing to identify and mitigate potential security risks can derail IT projects. This includes underestimating the threats posed by cyberattacks, data breaches, or system vulnerabilities. Poor Planning and Scope Definition: Without clear objectives and a well-defined scope, IT projects risk scope creep and misalignment with security requirements. This can lead to vulnerabilities being overlooked or improperly addressed.

Overbuilding – I have seen many projects deliver “gold plated” Features, meaning significantly more functionality than is needed to serve the fundamental end user need. This is often the result of a “take as much as you can while you have their attention” culture. Overbuilding causes a myriad of bad things … Extended time/cost – building the Bentley when a Honda would serve the purpose. Complexity – the product is difficult to use driving customer (internal/external) frustration and inefficiencies. Risk – overbuilt products are difficult to deploy and can be inherently unstable. Maintainability – breakfix and forward dev are excessively expensive, forces tradeoffs with other needed projects

Compliance violations can stem from various factors and have serious consequences for businesses. Here’s how organizations should approach IT compliance: Understand Applicable Regulations and Standards: Different industries and regions have specific regulatory requirements (like GDPR, HIPAA, PCI-DSS). It’s essential to understand which laws and standards apply to your organization and how they impact your IT systems and processes. Regular Compliance Audits and Assessments: Conducting regular audits helps identify areas where your organization may not be meeting regulatory requirements. This includes reviewing IT controls, data handling practices, and security measures.

Organizations can address the challenge of IT talent shortages: Define Specific IT Roles and Competencies: Clearly identify the roles and skills needed in your IT and cybersecurity teams. This helps in precisely targeting the recruitment process and identifying skill gaps within the existing workforce. Innovative Sourcing and Recruiting Strategies: Go beyond traditional recruitment methods. This can include partnerships with universities, participation in industry conferences, and leveraging social media and professional networks to attract talent. Focus on Training and Upskilling: Invest in training programs to upskill existing employees.

Here's how organizations can address this risk: Continuous IT Environment Scanning: Regularly scan and analyze your IT environment to identify outdated systems and processes. This helps in understanding where upgrades or changes are needed to avoid obsolescence. Stay Informed on Emerging Trends and Technologies: Keep abreast of the latest trends in technology and cybersecurity. This includes attending industry conferences, subscribing to relevant publications, and participating in professional networks.