Technology risks and issues you should discuss in your boardroom

Technology risks and issues are becoming increasingly important topics for discussion in the boardroom. As technology continues to evolve, businesses must be aware of the potential risks and challenges that come with it.

Here are some of the key risks and issues being talked about across the country.

Cybersecurity

Cybersecurity is a major concern for any organisation, as cyberattacks can lead to data breaches, financial losses, and reputational damage.

It’s important to ensure your business has the necessary security measures in place to protect itself against cyber threats. This includes:

having a comprehensive security policy
regularly updating software and hardware, and
training employees on cybersecurity best practices.

Data Privacy & Governance

With the increasing use of technology, organisations must be aware of their data privacy obligations and ensure they’re compliant with relevant laws and regulations.

This includes:

understanding the data protection rights of customers and employees, and
ensuring any data collected is securely stored and handled in accordance with applicable laws.

Data governance is an important part of any business’s technology strategy. It involves creating policies and procedures for how data is collected, stored, used, and shared. You need a comprehensive compliance program that outlines the expectations and responsibilities of all parties.

System Reliability

Businesses must ensure their systems are reliable and secure, as any downtime or system failure can have a significant impact on operations.

It’s important to have a robust system in place to handle any potential issues. You also need regular maintenance and testing to ensure that systems are running optimally.

Cloud computing can be a great way to ensure system reliability, as it allows organisations to access the latest technology without having to invest in hardware and software.

Vendor Management

Organisations must manage their vendors effectively to minimise the risk of data breaches or other security issues.

This includes:

having a clear understanding of the scope of services provided by vendors
being aware of any potential risks associated, and
having a comprehensive vendor management policy that outlines the expectations and responsibilities of everyone involved.

Cloud Computing

Cloud computing can provide businesses with various benefits, but it also comes with its own set of risks and challenges. Organisations must be aware of the potential risks associated with cloud computing and have the necessary measures in place to mitigate them.

Cloud computing is becoming increasingly popular, as it offers businesses the ability to access data and applications from any location.

However, there are potential risks associated with cloud computing. These include:

data breaches
security vulnerabilities, and
compliance issues.

Businesses should ensure that they have a comprehensive cloud security strategy to protect their data and systems.

Artificial Intelligence & Automation

Artificial Intelligence (AI) and automation are becoming increasingly important for organisations, as they can help improve efficiency and reduce costs.

However, there are potential risks associated, such as bias in decision-making or data privacy issues. Organisations should ensure that they have a comprehensive AI and automation strategy in place to mitigate any potential risks.

Supply Chain Challenges

Businesses must ensure that their supply chain is secure and reliable, as any disruption can have a significant impact on operations.

So it’s key to have a comprehensive supply chain management strategy in place. This includes understanding the risks associated with technology suppliers and vendors and having measures in place to mitigate them.

Increased Security Threats

Organisations need to be more aware of the increase in potential security threats and take the necessary precautions to protect their data and systems.

This includes:

having a comprehensive security strategy that outlines the expectations and responsibilities of all parties involved in protecting the business, and
regularly reporting on and monitoring for any potential security threats – then taking appropriate action if necessary.

HR Policies for Managing Data Security

Organisations must ensure they have a comprehensive HR policy in place for managing data security. This should include:

having a clear understanding of the expectations and responsibilities of all parties
regularly monitoring for any potential threats, and
testing systems to ensure they’re running optimally.

It’s essential for employees to be aware of their responsibilities regarding safeguarding the company’s data and systems. They also need to be aware of any possible risks that arise from performing their duties each day.

You need a robust system that can handle any potential issues and be prepared to mitigate the risk of data breaches or other security issues.

Accelerated Technological Innovation

Organisations must be aware of the potential risks associated with accelerated technological innovation.

This includes:

having a comprehensive strategy to ensure any new technologies are properly tested and integrated into existing systems
having measures to mitigate any potential risks, and
ensuring all employees are trained on the use of any new technologies to help reduce risks.

Talent Shortage

Businesses need to be aware of the dangers that come with having a lack of skilled workers.

This includes:

having a comprehensive strategy to ensure they can attract and retain the necessary talent
putting measures in place to mitigate any potential risks of capability gaps, and
adequately training staff in the use of new technologies to lower the chances of data theft or other security concerns.

Demand For More Sustainable Technology

Organisations must be aware of the increasing demand for more sustainable technology.

This includes having:

a comprehensive strategy to ensure they’re able to meet this demand
measures to reduce their environmental impact, and
a clear understanding of the potential risks associated with any new technologies.

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Technology is an integral part of any organisation’s operations and it’s essential to ensure you’re protected against potential risks and issues. By discussing these topics in the boardroom, businesses can ensure they’re taking the necessary steps to protect their data and systems.

Join us for the Chamber’s Annual Technology Business Leaders Lunch on 29th March 2023, where you can grow your supply chain, mingle with other ICT business leaders, and discuss the opportunities and challenges facing ICT businesses and their clients in 2023. Keep an eye on the Events page for registrations.

Become a member of the Sydney Hills Business Chamber so you can be supported by other business owners, connect with referral sources, and explore opportunities for joint-ventures and collaborations: