What businesses should know about technology risk management

Learn how technology risk management strategies can enhance your business’s security measures

Businesses face many different technology risks everyday including data breaches, cyber attacks, and ransomware threats. 

Technology risks have the potential to make it even easier for hackers with malicious intentions to gain access to your business’s networks and servers to steal you and your customer’s private information. That’s why it’s critical to have a robust technology risk management strategy in place. 

Continue reading to learn what your business can do to build effective risk management strategies. 

What is technology risk management?

Technology risk management is identifying and fixing potential threats and failures, such as unsupported technology, that could disrupt a business’s routine operations.  

Technology risk management should be an ongoing process, and your business should regularly perform technology risk assessments to stay on top of your security efforts. 

What is a technology risk assessment? 

A technology risk assessment analyzes your business’s technology to expose weak areas and identify how you can improve. 

These assessments can also help your business know if it’s time to retire certain technologies. Running outdated and unsupported technology can be costly and may make your business more vulnerable to cyber attacks or outages. Technology outages and data breaches can make your business’s sensitive information vulnerable. 

Conducting technology risk assessments can bring your business more benefits including: 

• Cost reduction. Performing regular risk assessments can help save money on security spending. Risk assessments will allow you to see where the most vulnerable channels are and focus your efforts in those areas. 

• Risk reduction. Risk assessments allow your business to evaluate and close any vulnerabilities and weak areas. Taking an in-depth look at your business’s risk profile will allow you to determine your next best steps to securing your technology. 

• Complex understanding of risks. Identifying security risks and prioritizing your risk management efforts will allow you to allocate your security measures most effectively. Your risk assessment profile will give you detail into your vulnerabilities and potential threats including the source of the threat, the reason, the likelihood the threat will occur, and impact analyses. 
• Legal compliance. Many industries have security standards that businesses must follow. For example, healthcare organizations must comply with HIPAA regulations. Non-compliance with regulations can be very costly, and risk assessments can help you avoid those costs. 

Read more: 

How to protect your customers’ sensitive information 

How to perform a technology risk assessment

Technology risk assessments can seem daunting for many businesses, but with the right IT partner, your business can assess your technology risks without the hassle. 

When performing a technology risk assessment, these standard steps will be followed:

• Compile a list of all technology and applications. Start by collecting a list of the applications your business is using. Also make note of what software versions, servers, and data centers are being used. 
• Identify threats and vulnerabilities. Once you have your list, the next step is to identify risks and vulnerabilities of each technology and application. 

• Evaluate the risks. Some risks are more serious and urgent than others. During this stage, determine which risks should be your top priority. 

• Mitigate the risks. Next, your business needs to take steps to mitigate the risks by enhancing security protocols.
• Compile risk report and review. Compile documentation of your business’s risks and the plan to mitigate them. Remember to periodically review your mitigation strategies. 

Looking for an IT partner for your business?

At InterNetwork IT, we offer a wide range of IT security services that are uniquely tailored to fit your business’s needs. 

Our comprehensive services and team of experienced IT professionals help keep your business and your team safe with professional technology risk management.  

Ready to get started? 

Contact us today to learn more!