Digital Risk

Building a Strategy for Managing Digital Risk

Technological innovation has been paramount to the growth of our society throughout the 21st century, and one area where it has made the greatest impact has been within the economy. Businesses of all sizes utilize tech in some capacity in 2021, and as the decade progresses, this will only become more prevalent. The rise of technology throughout companies has been a major improvement in most facets of business; however, one of the negative elements has been the growth of cybercrime and increased digital risk. Digital risk has grown immensely throughout recent years, and it has plagued companies, especially those with larger assets. In order to combat online threats, it is important for your enterprise to build a strategy for digital risk management. Digital risk management has become more prominent in recent years because it is necessary to protect your company from losing important data, financials, and reputation. In order to effectively protect your enterprise from hackers and cybercriminals, it is imperative to learn about the various facets that go into creating a strategy of digital risk.

Learning about Digital Risk

One of the most important elements in running a business in today’s economy is understanding the threats that can damage and even bring down your entire enterprise. There are various facets that you need to protect yourself against, such as leaked data from code-sharing sites, exposed social media, file sharing sites, shadow IT, paste sites, and more. It is imperative that you ensure your corporate data does not get infiltrated, you do not break any privacy laws, and that your company’s reputation remains intact, which is why utilizing digital risk management is so critical. When building up your digital risk management plan, it is important to focus on the three main facets of managing digital risk, including online brand security, reducing attack surface area, and detecting data loss. Online brand security is ensuring that your business’ reputation on social media and other outlets is secure; attack surface reduction involves diminishing possibilities of IT infrastructure breaches, and data loss detection includes figuring out when your company’s data is being attacked.


Learning to Defend and Mitigate Risk

It is critical to ensure that your business stays safe from any type of digital risk, which is why you need to follow the four main tenets of digital risk management. First, it is important to identify your critical business assets – this will aid in determining what type of sensitive data your business has (such as organizations, supporting applications, and people). Second, you have to determine the types of threats that can harm your company, with tactics like examining behavior and determining available threats to hackers. Next, you need to ensure that you are constantly monitoring for unwanted exposure across dark web pages, criminal forums, git repositories, paste sites, and more. Lastly, it is imperative to take action to diminish digital risk with tactical mitigations, operational mitigations, and strategic mitigations.

Final Thoughts

In order to get the most from your digital risk management program, it is important to learn about the various facets. Understanding how you can do this effectively is imperative for your continued success.

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