IT News - CxO

5 IT Risk Assessment Frameworks Compared
CSO Online, November 11th, 2021
Formal risk assessment methodologies can help take guesswork out of evaluating IT risks if applied appropriately. Here is real-world feedback on using COBIT, OCTAVE, FAIR, NIST RMF, and TARA

Bob Violino wroites in CSO Online, "From a cybersecurity standpoint, organizations are operating in a high-risk world. The ability to assess and manage risk has perhaps never been more important. 'Having a risk management framework is essential, because risk can never be totally eliminated; it can only be effectively managed,' says Arvind Raman, CISO at telecommunications company Mitel Networks. 'When it isn't, organizations will likely find themselves the target of a data breach or ransomware attack, or be vulnerable to any number of other security issues.'..."

One of the more profound aspects of digital business transformation that many Digital CxOs fail to appreciate is the degree to which modern processes need to be able to process and analyze data in near real-time at the network edge.

"Most existing enterprise applications are batch-oriented; as data is collected, it is sent as part of a batch to process overnight. This is the primary reason so many legacy applications are not synchronized with one another. Arguably, the best example of this is an inventory application that shows a product is available only to discover the last one available was actually sold several hours previously..."

Gartner: Why CIOs Need To Replan Their Roadmap
ComputerWeekly, November 9th, 2021
IT has always been about gaining more efficiency by automating processes, but greater efficiency doesn't lead to a step change in business outcomes

"Heads of IT are being urged to consider how they take their role forward, as organisations develop business strategies that rely heavily on digital technologies.

Gartner analysts said technology can help CIOs gain freedom from historical insights, legacy business practices and bias.

Speaking during the opening keynote at the virtual Gartner Symposium conference, Daryl Plummer, distinguished research vice-president and Gartner Fellow, said: 'CIOs 'chief information officers' need to reconsider how they think about value, and how they get to that value. They need a more expansive view of the role technology plays in doing so, and they must be bold to reach beyond the 'where' to discover freedom.'

Most CIOs Expect IT Budgets To Rise Next Yea, November 9th, 2021
Effects of the pandemic are still being felt

Chief Information Officers (CIO) are expecting their organization's IT budgets to rise 3.7% next year, according to a new report from Gartner.

In its annual global survey of CIOS and technology executives across the EMEA region, gathering answers from 2,387 respondents in 85 countries and all major industries, Gartner found the IT budget increase for next year is somewhat higher, compared to the average global IT budget growth of 3.6%.

Delivering innovative digital products can help businesses satisfy customers and create stronger competitive differentiation

Organizations that can then take the next step and transform their software innovation to into value engines will spawn additional business value, such as data monetization, new partnerships, or entrance into new markets. As business leaders consider ways to leverage software innovation and transform their businesses into digital innovation factories, International Data Corporation (IDC) offers its top 10 predictions for the Future of Digital Innovation.

A research study by Skybox Security found that 83% of organizations suffered an operational technology (OT) cybersecurity breach in the prior 36 months

"The research also uncovered that organizations underestimate the risk of a cyberattack, with 73% of CIOs and CISOs 'highly confident' their organizations will not suffer an OT breach in the next year.

'Not only do enterprises rely on OT, the public at large relies on this technology for vital services including energy and water. Unfortunately, cybercriminals are all too aware that critical infrastructure security is generally weak. As a result, threat actors believe ransomware attacks on OT are highly likely to pay off,' said Skybox Security CEO Gidi Cohen. 'Just as evil thrives on apathy, ransomware attacks will continue to exploit OT vulnerabilities as long as inaction persists.'

As CarMax's executive vice president and chief information and technology officer, Shamim Mohammad has led his company through significant digital transformation in recent years.

Dan Roberts writes in CIO, "But his story isn't just about transforming a company; it's about disrupting an entire industry.

The recipient of MIT Sloan's 2020 CIO Leadership Award and named a Forbes 2021 'CIO Next' Innovator, Shamim oversees digital innovations, all technologies and product engineering at CarMax, where his teams have also won awards for their leading-edge digital innovation work. They aren't just supporting other functions of the organization; they've cultivating a kind of entrepreneurial spirit that permeates the entire business. And Shamim is continually looking ahead, anticipating the future and making sure the organization is prepared and willing to pivot when necessary..."

CIOs and CFOs haven't always gotten along. But with digital transformations now dominating budgets, business success depends on their ability to work together.

Mary K. Pratt writes in SearchCIO, "A strong CIO-CFO relationship has become critical for enterprise success as organizations speed delivery of their digital initiatives while also using technology to deliver efficiencies.

"There are so many important C-level relationships," said Chris Stephenson, national managing principal and leader of product innovation at the accounting and advisory firm Grant Thornton. "But if you want your organization to invest in the right places and have the most impact, [the] CIO and CFO must work together and speak the same language."

What does that mean in practical terms?

As companies signal their intentions to increase technology investments and headcount to record levels, a massive skills shortage threatens to stymie the dynamic growth of the tech sector, according to a recent report

The 2021 Harvey Nash Group Digital Leadership Report surveyed 2,100 digital leaders in 87 countries, in collaboration with CIONET and MIT's Center for Information Systems Research further said that in an attempt to ease the tech talent crunch, more than half of tech CXOs say they are planning to cross-train workers from other parts of the company.

Jason Pyle, president and managing director of Harvey Nash USA. 'Digital leaders are committed to increasing headcount and investing in technology talent, while recognizing that building a productive, successful and satisfied workforce takes a new approach to broadening skillsets, increasing mental well being and committing to diversity and inclusion initiatives.'

Welcome To Digital CxO
Digital CxO, November 8th, 2021
Hello, and welcome to the launch of Digital CxO, the premier destination site and community dedicated to fostering collaboration among business and IT leaders driving digital transformation initiatives. I'm Mike Vizard, general manager and editorial director.

Mike Vizard writes for Techstrong Group, "As part of Techstrong Group, which also includes, Container Journal, Security Boulevard, Techstrong TV and the newly formed Techstrong Research Group, Digital CxO aims to create an environment in which members of the CxO community can engage with one another and industry experts to better understand how to get the most out of their IT investments-which now play a critical role in every business strategy.

We all know CIOs and CTOs have deep acumen of the technologies that comprise digital business transformation initiatives. At the same time, CEOs, COOs, CMOs and other business executives are keen to understand the true potential of IT's impact on the success of their organizations. Digital CxO is committed to bringing these leaders and this knowledge-sharing together in a single, unified community..."

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