Are You Aware of the Digital Risks to Your Business? Part One

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Rapid technological advancement and rising global connectivity are reshaping how the world functions. Technology has played a critical role in business growth worldwide, from increasing productivity to improving customer satisfaction. However, the consequential news is that technological advancements have made organizations increasingly vulnerable to digital risks. However, companies can still maintain growth and progress for security. 

Organizations that understand how to detect threats and include preventative security measures and controls, as well as proactive solutions and thorough strategies, may better meet the security problems they face in modern digital environments. Let’s discuss the digital risks you should look for and how to use this information to get positive ROI.

Types of digital risks

Digital risks are increasing in business because of the rapid adoption of new disruptive technologies. We see these risks in various industries, which are more pervasive than cybersecurity risks. On a broader scale, we classify digital risks into physical, technical and administrative risks. 

The following risks are the most prevalent in today’s digital world and should be treated as top priorities to mitigate for your business:

  • Cybersecurity risk: Cyberattacks continue to develop as businesses become more technology-driven. Attacks like ransomware, DDoS, etc., can disrupt the normalcy of any business.
  • Data privacy risk: As we move forward to a knowledge-based economy, data has become the most valuable commodity in the world. It has resulted in hackers targeting critical business data and misusing it for personal gain.
  • Compliance risk: Businesses must adhere to various regulations regarding data privacy, cybersecurity, organizational standards of practice, etc. Any violation can attract heavy fines and penalties for a business.
  • Third-party risk: When you outsource certain services to third parties, it might compromise the security of your IT infrastructure. For instance, a software tool you develop with an external vendor may introduce vulnerabilities to your otherwise intact digital environment.
  • Resiliency risk: This concerns the ability of a business to bounce back and continue operations after an unexpected disaster.
  • Risks because of human errors: In 2021, 85% of data breaches involved some human element.* Whether it’s falling for phishing scams, credential stuffing or misusing work devices, human errors can be costly for organizations if they go unchecked.
  • Automation risks: While automation is reshaping the tech industry for the better, it could also give rise to various risks, such as compatibility risks, governance risks and more.
  • Cloud storage risks: As one of the most popular options for backup and storage, the cloud offers flexibility, ease of use, and affordability. However, the cloud is also prone to various risks, such as lack of control over data, data leakage, data privacy, shared servers and more.

Assess your risks the right way

In part two, learn how risk assessment is critical in managing digital risks.

In the meantime, monitoring, managing and acknowledging your digital security risks is a continuous process that must be done regularly and should be a part of your ongoing operational strategy. 

Choosing the right vendor can be daunting, especially if you are trying to do it independently. It requires thorough research, careful consideration of all relevant factors and a clear understanding of your digital security risks, needs and expectations. A cybersecurity service provider like us can help.

If you’re interested, please reach out to us for a no-obligation consultation at www.CyberSecurityMadeEasy.com

Terry Cutler

I’m Terry Cutler, the creator of Internet Safety University, an educational system helping to defend corporations and individuals against growing cyber threats. I’m a federal government-cleared cybersecurity expert (a Certified Ethical Hacker), and the founder of Cyology Labs, a first-line security defence firm headquartered in Montréal, Canada. In 2020, I wrote a bestselling book about the secrets of internet safety from the viewpoint of an ethical hacker. I’m a frequent contributor to National & Global media coverage about cyber-crime, spying, security failures, internet scams, and social network dangers families and individuals face daily.