What is Digital Risk Protection and Why is it Important?
Every constituent of the digital universe has two sides like a coin. As each new technology is introduced to the world, a new digital risk emerges. Whether it’s because of the novel implementation of the technology or the users’ lack of knowledge about it, digital threats cause considerable damage to any business. So, do you stop adopting new technologies? Of course not! By adopting the latest technology, you’ll be able to provide quality service to your customers and level up your business. So, what do you do? Adopt Digital Risk Protection (DRP). What is Digital Risk Protection and why is it important for your business? Our Perth cybersecurity team answers.
What Are Digital Risks?
Before getting into DRP, first, you should know what digital risks are. In simple terms, digital risks are threats that emerge after an organisation adopts a new digital technology or undergoes a digital transformation. They can be thought of as undesired financial, operational, cybersecurity or reputational consequences of implementing new technological tools.
The adverse outcomes of technological modifications can often be hard to predict. Since these changes are because of the latest digital arrivals, understanding and rectifying the weaknesses may take time and effort. Most of the time, sources of the threats are unidentifiable till the damage has been done.
Classification of digital risks
Digital risks can be mainly classified as below.
- Data leakage, internal or by third parties that could turn into a data breach
- Cyberthreats that access and destroy sensitive information, disruptive attacks like ransomware attacks and social engineering attacks like phishing.
- Non-compliance risks caused by a conflict between regulations and new technologies.
- Workforce risks that include shortage of skills, low levels of cybersecurity awareness and high employee turnover
- Data privacy risks that affect the safety of identifiable information
- Third-party risks caused by service providers and vendors
- Technological issues due to implementation of new IT systems
- Process automation risks such as compatibility issues
Read more about common cyberattacks here.
What Is Digital Risk Protection (DRP)?
As mentioned above, digital risks become increasingly common as technology advances more. Digital risk protection (DRP) aims to protect your organisation from being affected by such threats.
Digital risk protection (DRP) is a set of principles and practices that improve an organisation’s risk efficiency. In other words, it is a wide range of steps that help you mitigate digital risks to adopt the new technologies securely.
The motive behind DRP is to mitigate common digital threats in real-time with minor to no damage to your organisation. DRP follows a 4-step process.
- Identification of critical assets.
- Recognising vulnerabilities and possible exploitation methods
- Identifying and implementation of solutions
- Continuous monitoring of vulnerable assets
Data monitoring, conducting regular penetration tests, creating disaster management response plans, and giving awareness classes to employees are part of DRP. In short, DRP includes adjusting your business processes, IT structure, databases, analytics, and workforce to make technology implementations quick and efficient.
Why Is Digital Risk Protection important for businesses?
Protecting your company data, which includes customer information, is a crucial aspect of a business. Data breaches will make your organisation liable for leaking private data. You will be forced to pay fines for non-compliance and will also lose the trust of your customers. DRP helps in avoiding such a situation by maintaining a solid digital fortress around your IT infrastructure.
Digital Risk Protection is not just limited to cybersecurity. DRP solutions will help you smoothly progress into a safer, more efficient work environment. How? DRP strategies will act as protective layers for all technological tools and your workforce who depend on them. It will help your employees have uninterrupted work hours and be as productive as they can be.
DRP will also gain you reputational benefits. The 21st-century world is well aware of the risks of digital spaces. By investing in DRP, you give out the message that you are willing to go the extra mile in protecting your business, customers, business partners and other stakeholders from digital risks.
It is impossible to avoid the adoption of newer digital technologies if you want your business to survive and thrive. The importance of digital risk protection (DRP) only increases as technology advances further. With over 20 years in the field, The Computing Australia Group offers creative and adaptive technological solutions to all businesses in Perth. If you would like us to take a look at your digital protection strategies, contact us or email us at firstname.lastname@example.org.
Data breach: Data breaches are security violations where sensitive information is accessed and exposed by unauthorised criminals.
Penetration tests: Penetration tests are simulated cyberattacks used to check for exploitable vulnerabilities in your computer systems.