July 20, 2021, Posted By John M

Digital Risk Management For Companies

mployees researching about digital risk management

In today’s world, when so much of what we do is dynamic, digitized, and has moved online, there’s also a growing concern about our collective digital risk. In 2021, internet data safety is as stringent an issue as ever.

As databases such as LexisNexis and Truthfinder increase their capacity to hold our sensitive information, the possibilities for data breaches and security threats also multiply. Our economy and society not only suffer from the failings of their inner workings but also from the cyber threats that, in one swift blow, could bring many financial services and companies down. 

Digital risk is real, and increased efforts to improve risk management are currently a global trend. In this article, we’ll look at what digital risk is and who it targets the most. We’ll also discuss the available options to mitigate online threats. 

What Is Digital Risk?

Before jumping to conclusions and looking at solutions to make our online activities more secure, we must understand what digital risk is and who’s susceptible to it. 

One key aspect to consider when talking about online risk is that it targets, mostly, organizations. Under the umbrella of internet risk, you can find a myriad of other types of threats that result from the adoption of technologies that digitally transform a business. 

Third-party risk, data privacy risk, cybersecurity risk, and business continuity risk are among the most common types of dangers that organizations face. All of them ultimately do the same thing: they minimize a company’s potential to reach its business objectives and even threaten its entire existence.

What Does Digital Risk Management Do Then?

 digital risk management team meeting

Companies must first identify the level of business threats their digital path is creating to focus on developing a process that can minimize digital risk.

This is where digital risk management comes into play — an entirely different branch of management that focuses on assessing, monitoring, and treating the online risks mentioned above. 

Digital risk management typically has the same structure across companies and follows the same basic principles: risk identification, risk analysis, risk control, risk financing, and claims management. 

These same principles can also be applied in day-to-day life by any of us looking to have safer activities online.

Digital Dangers

All companies focus on their business strategy while keeping a close eye on ways to increase revenue. But very few also include in their strategy solutions to address digital risk. In today’s environment, embracing digital is key for any company looking to retain some sort of control over its business path and data security.

Organizations need to increase their cyber-resilience and develop plans that minimize the risk of financial loss through unauthorized digital access and data fraud. Otherwise, the damage can be immeasurable and could leave consequences that are hard to bounce back from. 

But how can a company change its underlying culture to also accommodate digital risk management strategies? 

The industry is constantly processing the ever-changing needs and demands of companies, which means new questions keep arising.

How Do You Mitigate Digital Risk As a Company?

So the next question that naturally arises for many CEOs at the helm of their companies is: “how do you really mitigate digital risk?

It may all seem overwhelming at first, especially for companies with little experience in digital risk management. However, no need to fret, as there’s always a way towards the leading edge.

1. Include Cyber-Security As a Cornerstone Company Strategy

Any company’s success ultimately depends on top management and how well they’ve created business strategies, plus the quality of implementation within daily operations.

Talks regarding cyber-security and its importance should become part of weekly meetings. This alone will raise awareness among employees, who are often the first point of contact with sensitive data. This way, digital risk can be kept at a safe distance at most times, which is more than today’s average organization can ask for.

Each employee should be familiarized with the company’s requirements towards building more powerful cyber-security. Plus, they should fill in a compliance report to prove acknowledgment.

It’s safe to say this step alone can bring many benefits for a company and keep it in route to a healthy development in digital.

2. Refine Risk Management Strategies

Preventing risk is clearly not enough. Even with the best cyber-security policies in place, a company can still experience a powerful and damaging data breach. In this case, responses from personnel should be not only adequate but also efficient in turning things around.

Employees should have basic training in this department. Moreover, the board needs to be able to make quick decisions in case the company faces data theft.

To minimize digital risk and provide appropriate responses to data breaches, companies should integrate comprehensive training — including crisis training — into their ongoing work practices.

3. Teach And Preach Cyber Literacy

Companies should invest time and resources into bringing cyber literacy to their employees. A reasonable approach for management is to understand they can’t get the results they desire and reap the opportunities of the digital world without properly training their teams in cyber literacy.

Special courses, simulations, and tests on cyber literacy should be in place. Updates to the policies should be communicated frequently as well. There are a few universally applicable cyber safety rules anyone within a company can follow. Phishing and data theft will thus quickly become less frequent, enabling companies to steer clear from looming digital risk.

With a bit of dedication and careful insight, companies can definitely find new and exciting ways to support their own endeavors in the digital era while also keeping employees up to date.

4. Find Internet Safety Specialists To Help You

Even though companies need to improve their data security, it doesn’t mean they need to go at it alone. There are expert companies out there that are fully devoted to solving this kind of issue and know all that needs to be done to protect a company from digital risk. 

These types of services have current high ratings since they address very pressing needs that are a sign of the digital time we live in. 

What We Can Offer You

If you’ve decided to get the issue of digital risk out of your hair and want to leave it in professional hands, search no more. What we can deliver to you as a customer will be tailored to your needs. Plus, we’ll focus on offering you active internet protection that actually works.

At Internet Privacy, we scour the web for any sensitive data that may concern you or your company. We also ensure that anything that could be threatening, defaming, or negative online disappears.

When working with us, you also get regular reports on your threats and privacy status. We’ll also make sure to better protect you from phishing, stalkers, and hackers, so you can both prevent and contain any data breaches quicker and effectively. 

Minimizing digital risk is our specialty, and we’re proud to share our services with you.

Don’t hesitate to share your concerns with us! Tell us what areas of your business you’d like protected, and we’ll make sure our featured services cater to those exact needs.

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