Excellent Facts About Digital Risk Management

In the current hi-tech world that we live in, individuals already command a substantial digital footprint, while that of businesses keep expanding and changing dramatically.

As a result, it is very probable for employees to unintentionally expose the company’s sensitive information either to competitors, or even worse, hackers. Recently, there have been several attacks on huge companies across the globe, including airlines and technological firms.

Even though the digital enemy becomes more and more sophisticated, they still leave behind digital breadcrumbs that you can use to protect yourself by applying some basic digital risk management strategies. these can be found in online market places, forums and chat rooms.

It is clear to most company management groups that traditional security systems cannot work in this new and ever-changing environment. Nevertheless, by keeping close tabs on their own digital footprints as well as those of adversaries, especially hackers, organizations are able to stay safe.

What is digital risk management?

According to the digital risk management institute, this can be described as the process of identifying and taking the necessary measures to reduce external digital risk to levels that are acceptable. It encompasses risks posed by cyber attacks, data leakage as well as risk posed by a ruined reputation.

To keep up with the digital disruption which has completely changed how risk leaders operate, the new digital risk management strategies have to be risk based, hands-on and iterative.

Tips on managing digital risk

For instance, on the issue of cyber threat, risk leaders have to come up with a system for assessing the threat levels and handling them effectively. For instance, you can access the planned activities of an attacker by being vigilant about the things discussed on forums known to be used by criminals, checking the hacktivist target list, etc.

Secondly, organizations can avoid risk by learning the adversaries’ TTPs, also known as tactics, techniques and procedures. This information can provide some insights such as their motives, targets, most probable tools they will employ, just to mention a few. This information can be used to build or improve the security system of your organization.

When it comes to the leakage of a company’s digital information, it can provide attackers with an inside view of the company, causing them to wreck a lot of havoc. This is one of the biggest headaches for today’s risk leaders. Sources of data leakages may include private encryption keys and other sensitive code that may be left accessible via a public computer or shared on sites. This can allow an attacker into an organization’s database and expose it to endless risks.

Employees who are not careful with their credentials may be exposed especially if the data was hosted by a third-party. Such credentials can be used for extortion, spear-phishing, creating spam lists, account takeovers, etc. By considering all the possible sources of error, the management can better manage these risks.

Lastly, it is currently a huge fear for most organizations that they cannot have full control of how the brand name is being used. And what effects this might have on employees and employers alike. These risks include phishing campaigns which have been used historically to damage the reputation of firms, and domain infringement, which can be used to take over your domain name.

Conclusion

In this ever changing digital world, newer tricks and threats will keep emerging, and business leaders must ensure that they are on top of all the risks. The fast pace has made it imperative for companies to increase their speeds to market. However, this should not be put above the potential risks. Creating a hands-on approach to managing risk is the best way forward, that is able to not only meet demand, but also protect your firm’s bottom line.

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