Effectively Protecting Your Company By Managing Digital Risk

In 2024, there are a variety of ways that our society has been impacted by the rise of technology. Tech has seen major growth throughout the 21st century, and it has grown further throughout recent years. One of the many ways that this has impacted our society is through the economy.

Companies from all sizes and industries utilize tech in one way or another, and while this has certainly created a significant amount of positive change, it has also led to negative transformation as well. One of the greatest negatives that technology has brought about is the rise of malicious hackers and cybercriminals.

Businesses need to be aware of cybercrime, especially those with significant assets. Cybercrime and other digital risks can affect any type of business, which is why they all need to be prepared with a system of digital risk management. Digital risk management can be difficult and thwarting cybercriminals can be challenging; however, if you understand the numerous facets that go into this type of protection plan, it can be extremely beneficial. Learning about managing digital risk for your enterprise is imperative and can lead to greater protection within your corporation. 

Defining Digital Risk

It is important to understand the concept of digital risk before being able to fully comprehend how to manage it. Digital risk comes in all shapes and sizes, and the main facets of it include the violation of privacy laws, loss of sensitive corporate data, and damaging your business’ reputation. There are numerous methods that cyber criminals utilize in order to penetrate your business’ defenses, some of which include shadow IT, file sharing sites, forums, mobile apps, third parties, and more. In order to defend against and manage your digital risk, it is important to focus on the three main elements of data loss detection, online brand security, and attack surface reduction. When you utilize all three of these elements together, you will be able to start to manage threats online.

How to Defend Your Business

Once you understand what digital risk is, then you will be more capable of managing threats. There are four main facets of digital risk management, and they include identifying your critical business assets, understanding threats that can damage your company, monitoring for unwanted exposure across a variety of platforms, and taking action to protect against these threats. There are three main ways to manage against threats; the first being tactical mitigations. Tactical mitigations include reducing attack surface, removing offending content, and network blocking actions. The next step is operational mitigation, which includes implementing a monitoring strategy, embedding in security operations, and integrating with incident response processes. Finally, you must focus on strategic mitigation, which includes updating risk and threat models, as well as measuring and reporting digital risk. When you have all of these facets working together, you will be able to more effectively protect your enterprise.

Final Thoughts

Getting the greatest protection for your business is essential, which is why investing in digital risk management is so imperative. Learning about the numerous facets of this process will prove to be beneficial to your enterprise.