The widespread adoption of technology has contributed to business growth due to enhanced agility & better customer experience. At the same time, the risks introduced due to technology adoption must be assessed & mitigated in a timely manner to protect businesses from reputational damage and/or legal/regulatory fines.

IT Governance consists of a set of frameworks and practices to identify, assess, treat & monitor various IT risks including cyber security risks which have been introduced due to the adoption of technology. 

The implementation of IT governance practices provides an assurance to customers, and regulators on the intent of the organization to proactively mitigate IT risks while at the same time providing visibility & insights to senior management for prioritizing investments for risk mitigation.

Data is now the new oil & several countries have introduced data privacy acts such as GDPR, including the most recent “Digital Personal Data Protection” (DPDP) Act by India to ensure that adequate controls are put in place to guarantee the privacy of citizen data. 

These acts mandate that the business entity processing the citizen’s data is responsible for implementing safeguards to protect the data of respective citizens. Non-compliance with the provisions of the act can result in huge monetary penalties.