Neglecting risk management in IT can lead to various negative outcomes, such as cybersecurity breaches, compromised data integrity, and significant financial and reputational damage. For instance, failure to continuously monitor and evaluate cybersecurity measures can result in severe data breaches, as seen with SolarWinds and Banner Health.

Viewing IT solely as a support function limits its potential to drive value and success. By recognizing IT as a primary aspect of business strategy, companies can enhance their competitive edge, streamline processes for better efficiency, and ensure that technology contributes directly to their success.

CREO Technology Services employs a holistic approach to integrating technology into business strategies. They act as visionary partners, committed to leveraging IT as a core driver of success. They help businesses avoid common pitfalls by crafting and implementing tailored strategies that integrate state-of-the-art information technology to unlock business potential and secure a competitive advantage.

Yes, two notable examples include SolarWinds and Banner Health:

• SolarWinds experienced a major cybersecurity breach due to insufficient risk management, affecting over 18,000 customers and leading to extensive legal and regulatory consequences.
• Banner Health had a cybersecurity incident compromising the personal and medical information of nearly 2.8 million individuals, highlighting deficiencies in their risk assessment and system monitoring practices¹. 

Risk management is crucial as it helps identify, assess, and mitigate risks that can impact business operations. Effective risk management ensures that businesses can handle failures and learn from them to achieve success. Without robust risk management procedures, companies can face significant challenges, including cybersecurity breaches and legal repercussions.