Safety-net - The safety network of controls

Abstract

Networks, including operations functioning as networks, are today’s defining phenomena. In parallel, industry 4.0 and 5.0 era’s companies face complex security challenges requiring companies to have proper security systems in place for long-term corporate success. Research combines these themes and aims to explore and to identify the elements of organizations' safety-net. Qualitative research methodology is based on the processing and analysis of annual reports of automotive companies operating in Hungary. Research results are in line with preliminary expectations identified based on literature analysis. Safety-net is the result of risk management and provides security. Even when a fault or incident occurs in a process, the safety-net prevents its occurrence or ensures its effects are within an acceptable range. Enterprise security systems are characterized by network-like operation. Creating a safety-net requires controls which consists of “hard” and “soft” elements. Key pillars of control network are the information and communication technologies (ICT), systems and the people operating those systems. Controls built into the network of corporate processes are the building blocks of the internal control system.