How to deal with emerging risks in the digital era?
Season 5 Episode 06
Transcript
Juan José Ríos (Host): Today we live in an era of constant technological innovation. Tools such as artificial intelligence and machine learning are radically transforming the way we work, communicate, and live.
While these technologies offer enormous benefits, they also bring emerging risks that we must understand and manage properly. We are talking about cyberattacks, data breaches, misinformation, and operational losses that directly impact organizations.
The speed of technological evolution makes these risks increasingly difficult to predict and mitigate.
My name is Juan José Ríos. Welcome to Mundo Financiero Seguro, the Monitor Plus podcast.
Today we are joined by:
- Ilian Vasco, VP of Product and Marketing at Monitor Plus.
- Jorge Diéguez, GRC Product Manager at Monitor Plus.
Thank you both for joining us.
Juan José Ríos: Ilian , what do you consider to be the main emerging risks facing companies today?
Ilian Vasco: Thank you , Juan José.
We can group them into several categories:
- Cyberattacks and data breaches
Among them:
- Ransomware
- Phishing
- Malware
These attacks are growing exponentially with accelerated digitization.
- Misinformation and fake news
Today, companies, especially financial institutions, face reputational impacts due to incorrect or manipulated information. This affects decision-making, customer trust, and compliance processes.
- Operational loss and technological failures
High dependence on digital infrastructure increases risk. One example was the case of Capital One, which suffered a cloud security breach that exposed data from more than 100 million customers, resulting in fines, lawsuits, and loss of trust.
We have also seen recent cases in Colombia where banks have been out of service for more than 24 hours, affecting millions of users.
- Risks associated with artificial intelligence
Ethical, regulatory, and technical concerns arise:
- Algorithmic biases
- Misuse of data
- Privacy
- Deepfakes (real-time voice and image manipulation)
Technological evolution is growing faster than the organizational capacity to anticipate and mitigate these risks.
Juan José Ríos: What are the main challenges for those who manage these risks?
Ilian Vasco:
I can identify several:
Speed of technological evolution
Innovation is advancing faster than the ability to assess risks.
Lack of specialized talent
Professionals who understand both risk management and emerging technologies such as AI are needed.
Organizational culture
There is resistance to change and difficulties in adapting traditional models to digital assets, cryptocurrencies, and new forms of business.
Limited resources
Risk and compliance areas are not always the budget priority.
Fragmentation of the risk landscape
It is not possible to tackle everything at once; strategic prioritization is required.
Juan José Ríos: Jorge , what strategies can companies implement to stay ahead of the curve?
Jorge Diéguez: Based on our experience at Monitor Plus, we recommend:
- Audits and continuous monitoring
Implement solutions that enable real-time or near real-time monitoring.
- Investment in cybersecurity
- Firewalls
- Antivirus
- Intrusion detection and prevention systems
- Encryption of data in transit and at rest
- Continuing education
Prevention should not fall solely on one department. There must be an organizational culture of safety.
- Response and continuity plans
- Incident response plans
- Disaster recovery strategies
- Business continuity
This is where the international standard ISO 22301 on business continuity becomes relevant.
- Strategic use of artificial intelligence
Leverage AI and machine learning to detect emerging threat patterns.
- Sector collaboration
Sharing information about attacks and vulnerabilities strengthens collective resilience.
Juan José Ríos: How can companies identify and manage operational risks arising from new technologies?
Jorge Diéguez: I recommend a structured and multidimensional approach:
- Comprehensive assessment of technological impact prior to implementation.
- Mapping of affected processes.
- Penetration testing and vulnerability analysis.
- Consult with specialized experts.
- Specific contingency plans by type of failure.
- Training in the use of new technology.
The automation of operational risk management, through GRC or ERM systems, enables early warnings and comprehensive visibility.
Juan José Ríos: Ilian , how can we balance innovation and security?
Ilian Vasco: Balanceis achieved through:
Gradual implementation
Adopting technologies in phases reduces the risk of catastrophic failures.
For example, if AI is implemented for fraud detection, start with a subset of transactions before scaling up.
Cost-benefit analysis
Analyze:
- Improved efficiency
- Cost reduction
- Customer experience
- Competitive advantage
Organizational culture
Innovation and security must advance together. They cannot operate as isolated areas.
Monitoring and predictive analytics
Systems that enable:
- Continuous risk assessment
- Real-time detection
- Predictive analytics using machine learning
The goal is not only to detect, but to anticipate.
Juan José Ríos: Jorge , how does inter-institutional collaboration strengthen risk management?
Jorge Diéguez:
Collaboration enables:
- Share information about recent cyberattacks
- Establish minimum standards of protection
- Sharing technological resources
- Organize joint drills
- Strengthen continuity plans
- Develop networks with academic institutions and international organizations
Participating in forums, conferences, and webinars strengthens collective resilience.
Jorge Diéguez:
- A proactive and comprehensive approach is required.
- Training and awareness are essential.
- Security policies must be clear and communicated.
- Regular risk assessments are essential.
- Adaptability and continuous innovation are key.
Artificial intelligence and machine learning are strategic allies in risk and fraud prevention.
Ilian Vasco: I would highlight four key points:
- Intersection between innovation and security.
- Continuous updating in response to technological developments.
- Education and sector collaboration.
- Holistic approach to risk management.
Organizations must integrate fraud prevention, money laundering, operational and technological risk into a unified vision.
Juan José Ríos: Risk management in the digital age is not optional. It is strategic.
Technological innovation will continue to accelerate. The key is to anticipate, collaborate, and build an organizational culture where innovation and security advance together.
Thank you for joining us on this episode of Mundo Financiero Seguro, the Monitor Plus podcast.
Until next time.
