The holiday season and New Year tend to be synonymous with being a time of reflection. You tend to oscillate between looking back on the past year and looking toward the horizon at the year to come and let's face it, there’s also time spent thinking about the holiday drinks, meals, and sweets you packed away!

As we start another year, I wanted to share my thoughts on the items I think we in the GRC community and the business world as a whole need to keep on our radars for 2022.

Cyber Risk

Cyber risk is clearly going to be number one on the lists of many. You only need to look at the instances of all the data breaches making headlines. You see it in executive orders, plus, cybersecurity is getting tons of new investments. If you need proof, try to hire cybersecurity professionals right now. They are commanding higher salaries, compared to just 18 to 24 months ago. Those last two indications alone shoot this to the top trend for 2022.

Talent Retention and Loss

Let’s face it, companies are struggling to find qualified security and risk professionals and the need for these roles is only growing. The talent loss we saw and are seeing during this Great Resignation is going to continue to be a dramatic risk for many in the business world in 2022. The competition is unlike I've never seen before when it comes to hiring and retaining talent, and people are simply just leaving their jobs right now. When people can work anywhere and command increased salaries like they are now, it tells me that this will probably continue for at least the rest of this year.

The cost to companies losing talent is massive. First, it's so hard to hire good people, and that costs time and money. It's three months if you're lucky to hire someone, and then it's another three to six months to ramp before they're productive. And then, if they're unhappy and out the door, you just lost all of that time. That's 10s of 1000s, if not 100s of 1000s of dollars gone before they added any value to the organization.

ESG is BIG

Environmental, social, and corporate governance (ESG) will be a massive trend in the market in 2022 and will only pick up speed in the future. We had an analyst say to us, "if we thought GDPR was going to be big, ESG is going to be even bigger."

And you're seeing it now, with many CEOs talking about it more and more. They are all looking to report on what they are doing from an environmental, governance, and sustainability perspective. To me the opportunity is about monitoring and how can we give executives ways to monitor progress. 

Companies will have ESG pages on their websites where they share their stances and stories. It will be part of their branding experience, a part of who they are as an organization, both with their customers and employer branding. And that's why LogicGate is going to work on ESG reporting in the short run, but we see a long tail on ESG for sure!

LogicGate Wishes All Our Customers and GRC Colleagues a Happy New Year

It’s hard to believe that another year has come and gone. 2021 had its share of challenges, but we have a lot to celebrate this year and I’ve said it before, and I’ll say it again, we couldn’t have done it without you all! The rest of the LogicGate team and I look forward to this year with you, we’ll be here ready to help you risk with confidence as we work through these trends together because the best is certainly yet to come!

Further Reading