Digital risk

Digital risk is created by the new technologies that a company adopts to help accelerate its digital transformation. Digital risk management refers to how a company assesses, monitors, and treats those risks that arise from digital transformation.

Digital risk management is a critical part of business management. Digital risk management focuses on the threats and risks to an organization’s data and the IT systems that process it.

As organizations embrace digital transformation, their information security teams must keep the business secure while enabling growth and innovation.

Implement Effective Digital Risk Management
Before you start evaluating digital risks, first develop a solid, transparent risk assessment process. Then you can fine-tune that process to fit your company’s legal, regulatory, and contractual needs.

Following are the core activities of digital risk assessment:
- Identify critical assets, such as IT systems, databases, websites, and payment processing systems; and determine their vulnerabilities.
- Understand the threats to the business. Determining how threats behave can help companies tighten the cybersecurity of their systems.
- Check for exposed assets. Companies should identify sources of unwanted online exposure, including social media, file-sharing sites, and Git repositories.