Digital risk management is a subset of business management that uses processes to improve the assessment and monitoring of digital risks. This includes all types of risks that affect the financial performance, operations, or reputation of the organization, such as cyber security risks, operational risks and third party risks.
Types of Digital Security Risks
Understanding the different types of digital security risks is critical to protecting against data risks. Here are six of the most common digital security risks to businesses.
Cybersecurity risk
Workforce risk
Compliance risk
Third-party risk
Artificial intelligence risk
Data privacy risk
Effective Digital Risk Management Strategies
First, it identifies critical assets such as IT systems including databases, websites and payment processing systems and determines vulnerabilities.
Second, understand the enterprise threats. Understanding how threats behave can help organizations increase the cybersecurity of their systems.
Third, check the exposed activities. Companies should identify sources of unwanted online presence, including social media, file-sharing sites, and Git repositories.
Fourth, develop mitigation strategies to protect against digital risks.
Risk professionals also need to remain vigilant to changes within their organization, particularly where new digital technologies have been adopted. You can get yourself qualified in Digital Risk Management by IRM and Warwick.
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