In this blog post, we’ll explore the most effective methodologies and tools for identifying, assessing and managing technology risks within a company.
Why is IT risk management crucial for businesses?
First and foremost, to understand IT risks, it is essential to identify the different types that make them up. Indeed, while there are various types of technological risk, they do not all have the same stakes and can be managed differently.
Cyber risks are the best known and the ones we think of first when discussing technological risk. Cyber attacks, data leaks, ransomware, hacking and takeovers… These intrusive and malicious attacks aim to damage, divert data or even destroy computer systems.
Then there are the so‑called operational risks, such as breakdowns, system failures or even human error, which can lead to clumsiness or a halt in your operations.
Other types of risk fall into this category: so‑called strategic risks. Unfortunately, with technological choices sometimes inappropriate, the risk of technological tools’ obsolescence and their negative impact on business objectives increases considerably. Dependence on third‑party suppliers is also a risk that can fall into this category. Such dependence can unintentionally interrupt your company’s services, harming your business and customers.
Finally, there are the risks associated with specific regulations. The legal risk can be significant for companies that don’t comply with data security standards and laws (such as GDPR in Europe or Act 25 in Quebec).
Prevent risks to avoid them better
Although these risks are commonplace in the life of a company, it is possible to prevent them as much as possible. Several methodologies and tools are available to anticipate these technological risks.
Risk identification begins with risk analysis. For example, an audit of a company’s technological tools can detect critical dependencies or security flaws before exploiting them. Employee training is also an effective method of preventing potential risks upstream. An employee trained to detect phishing‑type cybersecurity attacks could help the company remedy them quickly.
Tools such as Resolver, Project Risk Management, or SAS Risk Management can help companies manage risk effectively using Enterprise Risk Management (ERM) methods. These frameworks offer processes for identifying, analyzing, and finding solutions to risk situations.
By relying on a web agency such as Nmédia, you can benefit from expertise in digital solutions and support for better risk management that may arise in your ecosystem. In addition to our technology planning services, our experts are on hand to guide you through developing and managing digital solutions while working with you to achieve your business objectives.