Risk management is vital for all businesses. Risk takes on many forms. Risk of staff injury, loosing clients, receiving payment of debts, paying bills. etc. Technology risk is one of these risks that businesses face. As with any risk, it must be understood and then appropriately managed.
In the world of technology, risks are often captured under the heading of Cyber Security. However, albeit very significant, Cyber Security only addresses one element of Technology Risk. If you consider the important role technology plays in businesses the biggest risk is in not having access to that technology. What if you sat down to work and you couldn't access technology? There are a myriad of reasons that this could be. All of these must be understood and then managed.
Beyond day to day operations Technology risk must also be considered when it comes to many types of business decisions. For example when looking to move into a new geography or industry vertical are there specific technology risks that come with this? If so, are their governance requirements that the business must be aware of? In looking to purchase a business or closely integrate with new supplier partners what are the technology risk implications of this? Many boards and managers consider technology risk to be the domain of the 'tech guys,' however it effects every element of the business.
It is possible to manage most technology risks to the point where a businesses risk exposure is reduced to less than 0.00001%, However this will come at a cost. It could be a financial cost or it could be an operational convenience cost. The business must first understand what the risks are and then decide how much cost it will expend addressing that risk. In doing so deciding how much risk it is prepared to take on. This would all be captured in a risk register which all management should be aware of. And at every juncture when business decision are being made the question but be asked and clear answers obtained, "what is the technology risk in this?"
Businesses may be interested in services such as:
Technology & Cyber Risk Assessment
Forensic review following significant failure
Board Advisory Services
What if you sat down to work and you couldn't access technology?