Having a broad view of the current digital security risk will aid in the development of a solid risk reduction strategy. Small and large corporations are also vulnerable to digital threats, which may inflict significant harm if not treated properly. The nine categories of digital threats you should be aware of are mentioned below.
1. Data risk– Given that data is regarded as the guiding force of the knowledge-based economy, regardless of the sector in which you work, you must ensure that the company data is safe. Misuse of your confidential business data, as well as that of your partners or customers, is a data concern.
2. Cybersecurity danger– As long as the company is linked to the Internet, there is no way to completely eradicate this risk. The most common examples of cyber threats are DDOS attacks, ransomware, and hacked networks, as the cyber risk environment evolves quickly and intuitively.
3. Reputational risk– as part of a settlement over the 2013 data leak, Yahoo paid $50 million in restitution in 2018. In comparison, when they sold the company to edition, the value of the company dropped drastically. As a result, you must consider the credibility risk and formulate a well-thought-out strategy for avoiding or accepting the risk.
4. Talent scarcity and cultural risk—the lack of a professional workforce could cause company development to be slower than anticipated. You may have a professional team supporting your current mission right now, but you may face significant disruption if half of them left your company on short notice. It’s simple to recruit and dismiss an employee, but keeping an employee willing to stay with the company requires some major re-engineering of the atmosphere that causes employee turnover. Furthermore, the job community is increasingly evolving, with an increasing number of people opting for freelancing and short-term contract work.
5. Privacy risk– If the company stores publicly identifying information, you must provide a process in place that explains who processes, stores, and secures the information you receive from your customers. You may want to look at your country’s privacy rules, which outline how a company can handle sensitive information.
6. Third-party risk– If you depend on third parties for resources or other purposes, you must have a plan in place to handle the risk. For example, a third party might be working on a piece of software for your company that may need access to your cloud environment in order to validate it. Make a list of all the third-party providers and apps you use, and give a critical rating to each one. After that, you should create a risk reduction strategy that tackles each risk separately.
7. Technological risk– the technology you use now could become outdated in a matter of years. When it comes to choosing technologies for your enterprise, such as the cloud infrastructure, opensource vs. paid products, programming languages, encryption solutions, and so on, make an educated decision.
8. Artificial intelligence risk– Among IT experts, artificial intelligence risk is maybe the least known digital risk. The lack of a comprehensive interpretation of AI is the source of the misunderstanding. As you might be aware, AI forecasts and judgments are not necessarily accurate. You must understand that there is still a margin of error.
9. Compliance Risk– while not all sectors are subject to the same degree of compliance risk, you must ensure that your businesses satisfy the government’s and other regulatory bodies’ minimum compliance requirements. When you hit the international market, just because your company is compliant in your home country does not mean you are compliant elsewhere. Make a list of the regulations you must follow and include it in your risk control strategy to protect your company’s interests.
Finally, handling digital risks necessitates a concerted effort from any company department. IT alone will not be able to absorb and control all of the risks until upper management actively commits and takes action to mitigate them.
#DigitalSecurityThreats #CyberSecurity #Privacy #Technology #ArtificialIntelligence
Article Credits –
securitywing.com
