The security issues that arise when operating in the digital space.
What is Digital Risk
Adopting new technologies enables organizations to streamline their workflows and processes, save time, reduce errors, and augment their human workforce. But the flip side is that digital expansion also expands their attack surface, which inevitably increases digital risk. Digital risk is the probability of damage or loss caused by a firm’s expanding digital ecosystem.
Digital risk increases the chances that malicious actors may threaten the organization’s security and business continuity. These threats can be internal, say from disgruntled employees or third-party vendors, or they can come from external sources like hackers, cybercriminals, rogue nation-states, and cyber terrorists. All these threats and threat actors contribute to the digital risk landscape.
What are some examples of Digital Risk?
- Cybersecurity risk: The risk of cyberattacks and data breaches that may result in the unauthorized access of sensitive information and malicious acts like cyber extortion
- Cloud technology risk: Technological errors and failures affecting cloud systems and processes
- Process automation risk: Automation resulting in compatibility or governance issues
- Third-party risk: The risks of third-party breaches or intellectual property theft created by contracting with third-party vendors
- Data security and privacy risk: Risk affecting the security and privacy of sensitive data
- Data leaks: The risk of data exposure developing into a full-blown breach
- Workforce risk: Skill shortages, employee turnover, and other workforce-related issues that prevent the organization from achieving its business objectives
- Compliance risk: Business practices that breach regulatory compliance standards
- Resilience risk: Server outages, data breaches, and other risks that disrupt the availability of business services