A modern business is dependent on technology to an unprecedented degree. Working practices have changed over the last few decades, and computerization has become embedded in working life.
We think nothing today of connecting wirelessly to a network, emailing colleagues, and sharing data digitally. New solutions using technology are prevalent in industries such as software development, networking, information security and mobile services to name a few.
But as the shape of the workplace has changed, so too has the shape of the risk to which business is exposed. Data theft, hacking, ransomware, phishing and insider threats are all very real problems today.
To mitigate these risks, workplaces (and, in particular, specialized technology services) have made use of a broad range of tools. Let’s look at a few of those tools.
4 Technology Services Protect Themselves From Digital Risks
1. Cyber-Insurance
Technology insurance is a specialized form of insurance designed to cater to firms which rely on technology. If a data breach, mistake or delay results in financial losses, then your insurer will be able to step in and cover the damage.
They tend to be more cost-effective than more generalized forms of business insurance, and the firms behind them have a better understanding of the risks and how to mitigate them.
The ramifications of a security hack or a network failure can be severe and have long lasting effects on a brand reputation, not to mention the potential financial lost.
Recovering data and re-securing networks are should be the main focus after any sort of breach but specialized insurances can also cover investigative costs in determining how and where any breaches occurred.
2. Patents and Copyrights
New ideas and inventions can be protected via several different means. These prevent rival firms from simply copying what you’ve done, and basically help ensure that inventors (and developers) are able to profit from their creations.
A copyright is something that doesn’t protect an idea, but the means through which a given idea is achieved. So, your source code or user interface might be protected by a copyright.
A patent, on the other hand, protects the idea itself. A proprietary algorithm might be best protected through a patent. Applying for a patent is often a more lengthy process, but for smaller companies with limited budgets, it’s worthwhile.
Intellectual property is typically valued much high these days than physical assets among digitized businesses and so protecting copyrights, trademarks and patents is paramount.
3. Non-Disclosure Agreements
For many modern businesses, intellectual property represents a significant chunk of overall value. A project that’s in development, if leaked, could mean significant financial bad news.
The excitement surrounding a product launch might dissipate; a commercial rival might get wind of secrets and gain an advantage.
Modern businesses often find themselves having to collaborate with outside parties, which complicates the matter still further. How do we persuade everyone to maintain their silence? The answer comes in the form of an NDA.
A non-disclosure agreement is a document wherein the signatory promises not to disclose a secret to third parties. If an NDA is violated, then you’ll be able to pursue the party responsible for any damages.
Recognizing the need for a non-disclosure agreement is crucial and protecting sensitive information before any negotiations proceed will mean that “trade secrets” remain just that.
4. Regulatory Compliance
The introduction of GDPR caused a significant stir in businesses across the continent when it was introduced back in 2018.
Rather than having to assess the risks themselves, businesses had only to comply with a series of edicts passed down by a centralized authority.
This approach is not perfect, but it does have the advantage of simplicity and persuasiveness. Data breaches tend to be taken more seriously, after all, when there’s legal force involved.
Compliance breaches in any form are taken seriously by governing bodies today, particularly in highly regulated industries and so employing compliance officers can aid in making an organization conform to complex legal mandates.
Financial services in particular are covered by heavy regulations which protect the public as well as investors.
The best way to ensure your organization is protected is always staying vigilant and aware of any possible threats. Having an all-round knowledge of an industry, employees and customers allows business leaders to gauge their performance and implement any necessary next steps.
Utilizing penetration tests as well as IT health checks is always a smart option for carriers of digital information and having a fully implemented risk assessment will mean there are safety nets in place should anything go wrong.
Resources:
- What’s the Scope for Careers in Blockchain Technology & Cryptocurrency?
- Technology Investments that Slow Your Business Down
- Top 5 Technology Trends Empowering Small Business Insights
Author: Craig
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