With the recent cybersecurity breaches at British Airways, health and beauty retailer Boots and the British Broadcasting Corporation (BBC), it is clear how security risk can have devastating consequences. Cybercriminal groups such as Clop operate at lightning speed identifying and exploiting vulnerabilities, this time targeting the document transfer app MOVEit and the vast array of organizations that rely on it. Normally the cybercriminals demand ransoms directly, but such was the scale of the attack that Clop asked victims to get in touch themselves.
The pace of technological change is constantly accelerating, driven by advances in areas such as artificial intelligence (AI), the Internet of Things (IoT) and quantum computing. IT advancements are expected to lead to new products, services and ways of working, which will continually reshape the enterprise landscape. New technologies are also emerging in response to societal challenges such as climate change and demographic shifts, which will drive technological innovation and change.
Although technology trends can lead to positive changes, there are also negative effects. The speed of technological change can present emerging risk. As new technologies are developed and adopted at a rapid pace, new technology risk areas emerge, and it can be difficult to keep pace and fully understand the risk and potential impacts. Organizations need to stay informed of these changes and adapt to remain competitive in the marketplace.
Technology risk refers to the potential negative consequences that may arise from the use or misuse of technology, such as data breaches, cyberattacks, system failures and unauthorized access to sensitive information. These risk areas can have significant impacts on individuals, organizations and society.
Organizations can manage technology risk by implementing a variety of strategies and best practices, including:
- Understanding the business strategy—Determining the business drivers and key problems that the organization faces is a crucial first step. Emerging technological innovation can be then studied to match the problem with the right technology solutions. It is important that IT understand the wider strategy, drivers and problems.
- Developing a technology strategy—This includes having a clear understanding of the technologies that are being used and how they will be used in the future. Organizations should identify the key technologies that are critical to the organization's operations and develop a strategy for how they will be implemented and managed.
- Conducting regular risk assessments—This includes identifying potential vulnerabilities and attack vectors and implementing security controls to protect against them.
- Implementing incident response plans—These robust incident response plans should be put in place to respond to security breaches and other technology-related incidents quickly and effectively. These plans should include procedures for identifying and containing security incidents and for restoring normal operations.
- Keeping up to date with technology trends—This includes monitoring the latest threats and vulnerabilities and keeping informed of new technologies that may provide opportunities for the organization.
- Investing in training and education—This includes providing training on security awareness and best practices for the use of specific technologies safely and responsibly.
- Building partnerships and collaborations—Building partnerships and collaborations with other organizations and technology providers can aid knowledge sharing of best practices and provide access to new technologies and solutions.
The speed of technological change can present several risk factors to an organization. As new technologies are developed and adopted at a rapid pace, it can be difficult to keep pace and fully understand the risk and potential impacts. This can lead to a lack of readiness to deal with the consequences of new technologies, such as data privacy issues or cybersecurity threats.
To mitigate the risk associated with the speed of technological change, organizations can invest in technology foresight and monitoring efforts to stay informed about emerging technologies and their potential risk. They can also engage in proactive risk management to address potential issues before they arise and be ready to adapt their policies and processes as needed.
Editor’s note: For further insights on this topic, read Tarnveer Singh’s recent Journal article, “Mitigating Emerging Technology Risk,” ISACA® Journal, volume 4, 2023.
