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For businesses that survived the past two years, its leaders know that flexibility and adaptability are two of the most essential ingredients in that success. Trends, particularly in the technology area, continue to emerge out of the pandemic, forcing companies into change to stay ahead.

Digital transformation is a clear leader in technology trends, with forecasts of a compound annual growth rate of over 19% by 2026.  The driver of the transformation trend lies in the growth of data to be handled at any one time.  It is this growth in data that is shaping the trends that we expect in the coming year.

  1. Cybersecurity
Cyber criminals have had a field day through the pandemic. Forced into a rapid adoption of new technologies, personal information is increasingly at risk of phishing, hacking, scamming, ransomware attacks and much more. Companies will increasingly invest in cyber security tools and protection to mitigate against these attacks and to avoid recovery costs in the event of an attack.
  1. Digital signatures
Whilst businesses are steadily migrating back to the office after the pandemic, many companies have adopted flexible working policies, with a work-from-home culture. Modern businesses are experiencing that to support their new decentralized operations, practical initiatives such as digital signing, is a clear facilitator and can be a competitive advantage. Practical tools such as integrations that automate the electronic completion of standard agreements will increasingly grow in popularity.
  1. Artificial Intelligence (AI)
As the volume of data to be handled increases, so too does the opportunity to introduce processing efficiencies through artificial intelligence. Effective use of AI presents opportunities for cost efficiencies and other efficiency gains. Additionally, the value of AI in predicting user behaviour will prove pivotal in the fight against cybercrime.
  1. Internet of Things
The explosion of remote working and ecommerce has placed a growing demand on connectivity and on the rate of growth of corporate networks. The growth is not expected to slow down.
  1. Identity models
As cybersecurity grows in importance, board members will increasingly become more sensitive to the risks of cyber-attack. Technologies emerging in the identity space will see growing adoption as businesses seek to manage and mitigate unauthorised accesses.

As businesses increasingly embrace digital transformation, the risks inherent in this progression need to be understood and managed at the highest level of every organization.  Should your risk management strategy need a sparring partner, the MMS Group’s management consulting team is standing by to assist and serve as sounding board to your thinking.  Reach out to us! 

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