Engage defensive tactics to battle technology risks

Abstract:

The technology-related risks that companies face today are increasingly complex, and hence they are investing heavily in this area.Organizations are adopting various strategies to protect their proprietary information.The three major approaches that are used are: improving the internal audit system, application of predictive analytics and appointment of a digital risk officer.

Major threats surrounding IT

•Cyber-attacks:

Corporate espionage and digital activism are on the rise. More and more cases of cyber-attacks are being reported throughout the world

•Cloud computing:

The company’sdata is stored in an external server monitored and hosted by a third party. There are risks related to shared access, virtual exploits, access control,etc.

•Social networking:

Over the past decade, social networking has been widely adopted by corporates. Examples include user communities, business collaboration and commerce. Given the extensive exchange of data, there is a possibility of data leakage

•Mobility:

New practices such as Bring Your Own Device (BYOD) have increased the number of devices that interact with the corporate interface. Also, mCommerce is quickly becoming a major channel bringing with it new risks as well

•Infrastructure upgrades:

Companies that are not investing on their IT infrastructure regularly can face IT risks due to reduced security support and monitoring

•IT control:

Lack of proper control procedures and policies can lead to creation of a number of ‘shadow IT’ organizations within a company. These shadow entities may not follow proper control procedures which lead to loss of data or cyber-attacks

•Documentation:

Although this may not be a major threat, it should still be given importance. There can be loss of data during conversion from one format to another