Page 34 - 10 Most Promising Risk Management Consultants 2019

10 FACTORS AFFECTING YOUR DIGITAL

RISK PROFILE

Innovations such as cloud computing, robotics and automation, data analytics, IoT, mobile products
and social media are changing everything from operational productivity to customer service. But ev-
ery cool new advance comes with not-so-cool new risks. To protect your business, start by evaluating
your digital risk exposure in these ten areas:

1. HOW COMPLEX IS YOUR BUSINESS?

The more complex your business model, the more strategic you need to be when identifying and treat-
ing risk.

2. WHAT’S IN YOUR DATA?

Do you handle sensitive business, consumer or personal data? Step up your data governance and pro-
tection practices accordingly.

3. DIGITAL TRANSFORMATION —EVERYBODY’S DOING IT

Emerging technologies such as robotic process automation (RPA), data analytics and predictive mod-
eling can dramatically increase your risk profile.
4. NEW TECH = NEW RISKS

A known, reliable infrastructure has one risk profile; bleeding-edge innovation has another—unsur-
prisingly, the coolest tech is way more vulnerable to risk.

5. TO THE CLOUD… AND BEYOND

Planning to invest in private or public cloud infrastructures, IaaS or SaaS? Cloud investments have a
big effect on your digital risk profile.

6. HOW BIG IS YOUR TECHNICAL FOOTPRINT?

The bigger your technology footprint—including IoT and mobile—the bigger the attack surface.
More tech also equals more complex IT management.

7. WHAT’S SHAPING YOUR GEOGRAPHIC FOOTPRINT?

How do the local environments of your customers, partners and employees affect your data and IT
systems?

8. DON’T MAKE COMPLIANCE AN AFTERTHOUGHT

When assessing risk, consider what it takes to comply with privacy, reporting, labor and environmen-
tal regulations.

9. BEWARE OF FRENEMIES

Third parties bring a unique set of risks to the digital party.

10. IT’S ALL ABOUT THE BUSINESS

Cybersecurity plays a critical role in driving—and preserving—business success.
34 December 2019