Recent Trends in Mitigating Technology Risk

The technology related risks companies face today are increasingly complex, and hence they are investing heavily in this area. Organizations are adopting various strategies in order to protect their proprietary information. Three major approaches 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/or digital activism is on the rise. More and more cases of cyber-attacks are being reported throughout the world
• Cloud Computing: The company's data 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: In the past decade, social networking has entered into the corporate sphere in a big way. Examples include user communities, business collaboration and commerce. As a result, there is a lot of exchange of data which can leak out vulnerable information
• Mobility: New practices like 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.

  Author: Arun Manoharan