Information Technology has pervaded business so expensively that IT risk is now equated with Business Risks. IT Risks are Business Risks.
The realization of this fact can be seen in the increasing interest shown by Boards of Directors, Audit Committees and Senior management in IT Risk issues. At one time not very long ago, this was unheard of, with IT being viewed as the prerogative of the 'techies".
Ernst and Young has prepared a section of their website to explore the relationship between IT Risk and Business Risk. That site explores the topic under four headings:
Major IT trends affecting business risk include the continuing increase in cybercrime, the move to mobility, data leakage and the potential for harming business reputation, tighter IT related regulatory requirements, the spread of social media and the growth of cloud computing, among others. All of these trends pose significant IT risks, but they are so pervasive that the IT Risks they pose are also business risks. This is a site worth some careful study