2011-06-07

By staff reporter

The intensive use of technology as a central part of their lifestyle separates Generation Y from Generation X, but risk managers rarely, if ever, consider the threat that this cultural chasm represents, the Airmic conference heard today.

To manage such risks well requires additional sources of information and an understanding of the Generation Y mindset which is typically not considered in assessing risk.

"Internal IT departments will have a great understanding of the technology they use, but only very rarely will that extend to understanding how the use of emerging technology can affect the business, for good or bad," said Gary Wills, a senior consultant at Charles Taylor Adjusting. "The frightening thing is that many IT managers do not realise that virus checkers and firewalls, for example, provide network protection for only 60-70% of the time, or that many organisations now expect to conduct business on social media such as Facebook," he continued. "And yet, unbelievably, organisations still place all their trust in their IT departments to protect their whole businesses from the risks of technology."

One way of improving the corporate response to emerging risk is to chnage the approach away from placing high reliance on Gen X resources and sources of data and to start including information, opinion and expertise from Gen Y people in their organisation.

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