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Your Guide to Digital Risk Management: How to Secure Digital Assets

digital risk management

Every company has assets and valuable items. Cash and accounts receivable, company equipment and vehicles, and land and buildings, are all examples of these assets.

The company accountant has most likely included each asset’s cost and current value on the balance sheet.

But what about digital assets?

What Are Digital Assets?

Everything from online ads to corporate operations and documentation is saved on servers or in the cloud. Practically everything needed to manage and develop your business is now online.

Digital assets are items that can be found on company computers. Some digital assets may be stored on your company’s servers or the cloud. Databases, images, documents, photos, presentations, and videos are common digital assets.

The words data and digital assets are used in the same sentence.

Digital Risk Management

To drive growth, management is aggressively adopting new technology. With technical innovation, however, a company must identify and address risks.

Digital risk management is an essential aspect of corporate management. It focuses on the vulnerabilities to enterprise data and the underlying IT systems that process it.

Managing company digital risk takes time and effort, and it’s not an easy task. First, teams must comprehend digital risk and the various forms of digital threats.

You can learn more right here.

What Are the Types of Digital Risk

What are the types of digital risk? They are:

  • Cybersecurity risk
  • Workforce risk
  • Third-party risk
  • Automation risk
  • Compliance risk
  • Data privacy 

Let’s discuss each.

Cybersecurity Risk

The risk of cyber-attacks is referred to as cyber-security risk. These assaults frequently aim to gain access to sensitive information and then use that knowledge for nefarious purposes, such as extortion or disrupting typical corporate activities.

Workforce Risk

Any personnel issue that could threaten an organization’s goals is a workforce risk. To put it another way, workforce risks include issues such as talent shortages and high staff turnover.

Third-party Risks

These are the risks of using third-party vendors or service providers. Third-party risks include threats to intellectual property, data, operations, finances, consumer information, and other sensitive data.

Automation Risk

With automation, there is the possibility of incompatibility with other technologies, resource shortages, and governance challenges. There is an additional potential exposure, that of unnoticed exposure of data.

Compliance Risk

This risk refers to any new standards or laws that new technology will mandate. When you implement new technology, you risk failing to meet regulatory requirements for business operations, data retention, and other business practices.

Data Privacy

This refers to the possibility of not being able to protect sensitive information. Commonly included in this material are:

  • Full names
  • Email addresses
  • App passwords
  • Physical addresses
  • Dates of birth

Hackers can readily use this information to harm or misappropriate your identity.

Cyber Risk Manager Responsibilities

A Cyber risk manager is responsible for assessing and categorizing all cybersecurity risks and threats to a company. This individual is accountable for monitoring the risks and developing a cyber security plan. The cyber risk manager is a vital part of any business. A cyber security plan is an essential part of the protection of an organization’s IT assets, and a cyber risk manager can ensure that its IT assets are protected and its operations remain stable.

The job of a cyber risk manager is not simple. The role of a cyber risk manager requires the individual to think like a hacker and devise preventative measures. The Cyber risk manager performs an assessment of vulnerabilities and provides information to other coworkers. The manager also assigns each risk a priority level, including high, medium, and low. Listed below are a few responsibilities of a Cyber risk manager.

The Cyber Risk Manager should analyze the organization’s cybersecurity practices to identify any weak points and threats. They should document these gaps and report them to other members of the Cyber Risk Management team. They should also attend and participate in cyber risk management meetings to ensure that the organization is adopting best practices. A cyber risk manager must be able to coordinate with other members of the company’s cyber security team to make sure that the organization is protecting its data and information.

Taking Action

While identifying online exposure is critical, you must also ensure that your organization has a digital risk management strategy in place. There are numerous digital risk management strategies.

Approaching digital risk mitigation is an effective strategy. This can be done in three ways: tactical, operational, and strategic.

Tactical Mitigation is about reducing the exposure and setting up blocking actions. Monitor digital risk by implementing operational procedures to identify a breach and develop response procedures. The threat landscape is changing all the time. Strategic mitigations include updating risk models and keeping abreast of cyber threats. 

You don’t have to be a cybersecurity expert safeguarding your digital assets. However, following these suggestions for preserving your company’s digital assets will let you relax and focus on growing your business.

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