BCI is pleased to present the “A Year in the World of Resilience 2024” report, sponsored by Riskonnect. Now in its second year, this report brings together the key themes that have emerged from the resilience field over the past 12 months and considers practitioners’ concerns for the year ahead.
Regulations, geopolitical tensions, and weather-related disruptions were the biggest challenges in 2024
Practitioners are facing significant challenges this year. In addition to traditional concerns such as cyber-attacks and technology loss, the impending implementation of regulations such as DORA and NIS2, heightened geopolitical tensions from ongoing conflicts and record numbers of elections, and even flooding and Severe weather events such as wildfires are occurring. Over the past 12 months, storms have created some of the most pressing concerns and response activations for the resilience sector.
Changing perspectives on AI: Practitioners make decisions
According to a 2023 report, trust and security in AI remains a major concern for practitioners. But changes are beginning to appear. This year’s research shows that more practitioner-grade AI is starting to inform decision-making as an enabler or disabler of resilience. Nevertheless, many feel that a wait-and-see approach when it comes to implementing AI is the way forward. This is a trend that is expected to develop in 2025 as more information, examples of practical capabilities from peers, and desirable legislation begin to emerge.
Senior leaders increase engagement, practitioners form resilience umbrella
An encouraging trend this year is that senior executives are playing an increasingly involved role in driving resilience programs. Cyber resilience, especially AI integration, is the main focus, followed by regulatory compliance. This engagement is good news because leaders are best placed to lead their organizations’ resilience strategies and direct resources to critical areas, but research shows that levels of engagement vary. Masu. Regulatory compliance, crisis management, and new technology decisions fall under more direct management, while business continuity, cyber resilience, and operational resilience streams have more strategic oversight. This trend has led BC and resilience professionals to increase collaboration and coordination with most departments, with some organizations demonstrating the formation of a ‘resilience umbrella’. Areas/departments with which practitioners have particularly close relationships are enterprise risk and cyber security.
Initiatives to modernize business impact assessments
This year, most organizations are generally satisfied with their BIA processes, and although there has been some change in technology usage over the past 12 months, we expect many to consider new technologies from third-party providers. or have already started implementing it. But one aspect remains out of bounds for most people. Currently, most people believe that AI is too risky to be used in BIAs, especially regarding security issues related to inputting sensitive corporate data. Despite this initial reluctance, many practitioners are considering incorporating AI into their upcoming processes and are expressing interest in its future capabilities.
Budget Forecast: Cyber and operational resilience will be key investment areas in 2025
Looking ahead to 2025, we expect most budgets to remain stable due to uncertainty surrounding economic pressures, but a significant proportion of professionals are looking to address the ever-present cyber resilience risks and We expect a healthier budget in 2025 as we strengthen our focus on operational resilience due to increased regulatory pressures.
A Year in the World of Resilience Report 2024 covers all of the above and further analyzes this year’s events. We would like to thank Riskonnect for their generous sponsorship of the 2024 final report.
Rachel Elliott, Knowledge Strategist at BCI said:
“While cybersecurity has been at the top of the list all year long in terms of organizational priorities, it is interesting to see regulatory concerns surface at the end of the year, as 2025 approaches and operational resilience implementation deadlines approach. , which is sure to cause concern for some financial services institutions in the EU, UK and Australia; for other organizations, climate change targets, NIS2 and AI. Additional regulations and guidelines, such as legislation, will be a top priority for executives.The report’s findings demonstrate that organizations will adopt a more risk-based approach to resilience as they move toward 2025. It requires organizations to develop new controls and procedures to ensure they can thrive in an unpredictable risk environment and to transform their resilience practices, such as AI.”
John Verdi, Senior Director of Professional Services at Riskonnect, said: “Riskonnect is proud to sponsor BCI’s A Year in the World of Resilience: 2024. This informative report contains insightful research and findings on resilience and the significant challenges we have faced this year.
We hope you enjoy reading this report and that it provides you with the information and actionable ideas you need to take control of your resilience in the coming year and beyond. ”
Learn more
