Almost every business in operation today relies, to some extent, on technology. However, as beneficial as that technology can be, it also has the potential to cause significant harm. Without the proper technology risk management safeguards in place your business itself may be in constant danger.
And yet far too many businesses do not take these threats seriously enough until significant damage has been done. Preventing all of this is less complicated than you might imagine though, especially if you work with the technology risk consulting team at Pearl Lemon Consultants.
Any technological failure that has the potential to cause a company disruption is referred to as technology risk, and often known as information technology risk as well. Technology hazards that affect businesses include data security breaches, cyberattacks, password theft, service disruptions, and many more.
Every sort of technology risk has the potential to result in financial, reputational, regulatory, or strategic damage if a proper incident response is not used. As a result, it’s essential to implement an efficient technology risk management approach to foresee future issues and have a plan in place to manage the fallout if the worst does occur.
The problem is that many businesses – and not just small businesses either – don’t understand, or appreciate, the importance of addressing technology risk head on. Which, as a quick Google search can show you, can be a disastrous mistake.
There are many examples of this. E-commerce businesses can find their operations abruptly halted if their technology fails, cutting off their revenue stream, or service businesses can find it impossible to operate at all.
Hacks and security breaches in which sensitive data is compromised can be hugely damaging to a firm’s reputation, especially if it involves customer data, not to mention the serious legal repercussions such breeches can result in. Working with a technology risk consulting expert can, however, significantly reduce the chance that technology will damage your business at all.
Businesses have an increasing range of technological vulnerabilities as a result of modern society’s reliance on technology. The most typical forms of technological risk are as follows, albeit they will differ depending on the industry and the types of technology used:
People typically fall victim to phishing when they get a fake email with a toxic link. Users create a way for fraudsters to steal data or spread malware if they click the link (or, in some cases, if they just open the email).
Unfortunately these scams have become more and more sophisticated, and even those who consider themselves technological proficient can be fooled by them. Education is the key to phishing prevention, and it is something that the Pearl Lemon Consultants team of technology risk consulting specialists – who ensure they remain up to date on all of the ‘trends’ in hacking and phishing as they are discovered – are happy to provide.
Malware is software that has been introduced onto a device by an outside party and harms either the device or the data utilized by the person accessing it. Malware often comes in two forms: viruses and ransomware.
The Trojan Horse is a typical viral kind. Malware that imitates a legitimate program can be installed and then used to carry out the attacker’s objectives, such as data theft, activity monitoring, or gaining access through a backdoor to secure systems.
Malware known as ransomware locks a user’s computer until the attacker’s demands are satisfied (typically paying a ransom or divulging confidential information). Over the past several years especially virulent malware has crippled some of the world’s largest networks.
The Pearl Lemon Consultants’ team includes malware specialists who have current, and active, experience in identifying, preventing and even mitigating damage malware and in teaching our clients how to be as vigilant and prepared as possible, both via specialist tools and user education.
Sensitive data breaches happen when it is stolen or disclosed to unauthorized parties. External attacks like hacks, viruses, or phishing schemes can result in breaches. Internal data breaches are also conceivable, often as a result of unhappy or poorly trained staff.
The frequency of data breaches can be decreased by conducting regular internal audits of IT environments and by ensuring that those internal staff members who have access to sensitive data fully understand the importance of keeping it safe, how to do so effectively and the possible repercussions if they do not.
When working with our technology risk consulting specialists you will receive a specialist action plan that is bespoke to your organization and the data uses that are at risk. Once more this may involve implementing the use of specialist tools and user education and the implementation of a formal data protection protocol for all users to follow.
It is frequently as easy as enabling routine or automated downloads from the program supplier to keep software up to date. Patches for recent and emerging cyber dangers are included in these updates, helping to safeguard your sensitive data.
However, some software updates eventually stop supporting outdated hardware. This often means that older technology might not be as safe as newer technology. IT hardware auditing is crucial for reducing technology risks since it enables your company to guarantee ongoing software updates and security fixes as well.
The most evident advantage of technology risk consulting is the reduction of vulnerabilities for your firm. Plans for active risk management lessen the possibility that a predicted danger may materialize. Nevertheless, there are other advantages to technological risk management, such as:
All risk carries a price, and technology risk is no exception. Your business saves money by lowering the possibility of tech risks, which lowers the potential for monetary and reputational losses.
Disruptions brought on by technology hazards slow down commercial operations and disperse regular operations. A strong technology risk management strategy enables your company to respond to risk occurrences more quickly and with less disruption to operations.
A technology risk analysis is the first stage of the technology risk consulting process. Our teams use tools and their extensive expertise to identify and prioritize the technological risks so they can evaluate and address them.
A continuous effort should be made to identify technological threats. Therefore, it makes sense to collaborate with a group of technology risk consulting experts who can continuously pinpoint the causes of technology hazards. The risk team’s members pool their knowledge and experience to scan the complete spectrum of potential technological threats and determine the best risk management frameworks for each.
The risk management consulting team will help create a risk management plan to address each risk after identifying the technology issues.
Technology risks will be ranked according to their chance of materializing and the potential harm they could cause to the organization.
Additionally, in order to assist your company in identifying potential technology risks and staying on top of any problems that could thwart your intended business objectives, we will build a technology risk register, which is a documented record of detected technological hazards.
But that’s not all. Our team of technology risk consulting experts will work to educate users at all levels to help ensure that the human factor that is often such a large part of technology related disasters becomes a minimal risk.
Ready to learn more about how our technology risk consulting team can help you? Contact us today and let’s get that conversation started.
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