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5 Ways To Mitigate Technology Risks In Business

December 21, 2023 No Comments

Featured article by Leo Shannon

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Businesses these days rely heavily on technology. From the development and management process to distribution and marketing, the use of technology is indispensable. Without technology, businesses will have a hard time delivering their services, and they likely won’t even be able to keep up with the competition.

But with all the advantages that technology brings, there are also risks for its users. For businesses, these technological risks commonly include cyberattacks that may lead to security breaches, data leaks, and system failure. Consequently, damages that arise from cyberattacks can cause massive losses for businesses, especially if there are privacy issues involved.

However, although these risks naturally come with the use of technology, there are ways to mitigate them in a business setup. Securing a business completely is a complex task, which bigger corporations handle either by hiring managed IT services or employing an in-house IT staff. If your business doesn’t have either, or you’re looking for ways to protect your business against technological risks, here are the top five tips you can use to get started.

1. Secure Endpoints

If your business uses software programs, one of the first things you must do is educate your end-point users. These are your employees that access your systems, or customers that use your app or website as registered members.

The endpoints are the devices that connect to your system, which are also potential points of entry for security infiltration. In a workplace setup, endpoints can be secured by controlling and monitoring web access through a system administrator. The installation of security software programs like firewalls and antiviruses is also a must to block and terminate any malware that may be

For registered customers, enforcing password security and multi-factor authentication (MFA) is ideal.

2. Reinforce Network Infrastructure

To significantly minimize technological risks, online businesses require secure network infrastructure. This includes all the hardware and software resources that connect to each other to run your entire network of operations. If your business lacks network security or has unidentified system vulnerabilities, there’s a big risk of security breaches.

Securing network infrastructures is the most complex task in cybersecurity, and is ideally done by experts and professionals. It involves installing, testing, and layering security programs, and the implementation of multiple security protocols to ensure robust protection against potential risks and attacks.

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3. Monitor And Analyze Security Threats Continuously

Analysis in business is important not just in operations and marketing, but in the security aspect as well. To be able to properly prepare for and combat the common technological risks and threats in business, identifying and understanding vulnerabilities in your system is a must. Subsequently, these weaknesses must be addressed before they could be exploited by malicious hackers.

If your network already runs security programs, make sure it includes analytical functions as well. Analytics will help you monitor your network systems and identify areas that may pose security risks.

That said, continuous monitoring and analysis of security systems should be a part of routine tech maintenance when it comes to network security.

4. Stay Up-To-Date

Technology constantly changes, which means threats and risks evolve with it too. This is why security programs are also updated every now and then to adapt to changes that may cause security issues.

However, staying up-to-date doesn’t just apply to systems but to company staff as well. If changes must be made in your security protocols, your employees should also be re-trained so both your systems and employees are on the same page.

5. Hire A Dedicated Risk Management Team

Depending on the type and size of your business, it may be more practical to invest in a dedicated team of tech professionals instead.

If your business has its own IT security workforce, whether in-house or outsourced, risk management will be more efficient.

This will also help you effectively implement, maintain, and enforce all your security protocols and keep your business on top of the changing trends in technology and cybersecurity. As a plus, always keep backups. This will come in handy at any point. Air gap backup is a good choice for those businesses looking to keep their data offline and secured.

Conclusion

Technology can either make or break the success of modern businesses that depend on them. Because with the constant advancement of technology, risks also evolve and become more challenging. And if your business fails to adapt to these changes, you might end up being left behind.

However, by maintaining security on all points, educating users, and continuously adapting to trends in cybersecurity, and perhaps with the help of some experts, your business should be able to mitigate any technological risks that come your way.

Leo Shannon

Leo Shannon is an IT specialist. He has been in the industry for 15 years. During his free time, he shares his knowledge and skills in IT through guest posting. Leo is happily married with three daughters.

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