Technology risks every business needs to manage: 5 essential tips.

January 31, 2023by Aurora Financials

Technology risks every business needs to manage: 5 essential tips.

A recession is a difficult time for many businesses. Technology risks are the last thing a business owner wants during a recession. Here are 5 essential tips to manage the technology risks in yoru business.


Data breaches

Data breaches are a major concern for businesses of all sizes. Hackers can cause serious damage to a company’s reputation and bottom line. They do this by stealing sensitive information such as customer data, financial records, or intellectual property. To protect against technology risks such as data breaches, businesses should invest in robust cybersecurity measures such as firewalls, encryption, and employee training.


System failures

System failures can also be a major technology risks for businesses. A server crash, power outage, hardware failure, or system issues can disrupt operations, cause delays, and lead to lost revenue. To minimise the risk of system failures, businesses should have robust backup and disaster recovery plans in place.


Cyber attacks

Cyber attacks are another major technology risk for businesses. Hackers target a company’s vulnerable networks and systems. They disrupt operations, steal sensitive data, and cause damage to a company’s reputation. To protect against cyber attacks, businesses should invest in cybersecurity measures such as antivirus software, and ongoing employee training.


Data loss

Another major risk for businesses is the loss of data. These technology risks could be due to human or system errors. Data loss could cause serious disruptions to operations and lead to lost revenue. To minimise this risk, businesses should implement robust backup and disaster recovery plans.


Human error

Finally, human error is another major risk for businesses. Whether it’s an employee accidentally deleting important files, falling for a phishing scam, or failing to follow proper procedures, human error can lead to serious disruptions and losses. To minimise the risk of human error, businesses should automate processes, invest in employee training, and have robust policies and procedures in place.


By managing these technology risks, businesses can protect themselves against disruptions, losses, and damage to their reputation.

For more details on how to better manage your technology risks contact us today, and follow us on Linkedin and Facebook.

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