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4 New Risk Management Areas You Should Focus on this Year

Risk management prevents unnecessary financial tensions in a company. From risk managers, administrators, managers, to employees, all work towards reducing risks. By introducing policies, controlling employee behavior, and monitoring technology use, you can minimize the chance. However, risks evolve every day. In this article at TechRepublic, Mary Shacklett discusses 4 new risk management areas you should focus on this year.

Today’s Risk Management

New technologies are coming in and so are risks related to it. You can cope with those only when you are aware and prepared for them. Following are the risk management areas you should employ your time in for this year:

  1. Workforce: It has always been a problem to retain the top talents. Their resignation impacts the team morale as well as projects. Since employees have more access to sensitive information, chances of a data leak is higher, says cybersecurity expert Joseph Steinberg. An employee can send a sensitive file to the wrong email address, share exclusive data online, or lose laptops. Run them through security policies and consequences of failing to do every once in a while. So, employee agreements should say that they should not share company intellectual properties. Deploy zero trust networks that monitor who are accessing data and grant access to those with right credentials.
  2. Cloud Service Providers: Many cloud service providers do own clouds but offer services by having tie-ups with cloud agents. They might not bear responsibility if a downtime causes a security breach in your cloud account. Do background research before signing on the dotted line. If the CEO wants these cloud vendors only, present the challenges the company would face and sign an agreement. You can keep a backup system on the premise for your own safety.
  3. Shadow IT: When you encourage shadow IT, you expose company systems to outsiders that do not fall under your risk management regimen. They can steal your intellectual properties or utilize the loopholes to create further damage. Use network asset management software that controls access when you hire a new employee.
  4. Social Media: Social media is a strong platform to make your presence felt. It can also ruin your company’s image if you do not keep pace. For effective risk management, invest in a social media monitoring application. It will track what people are saying online about the company. You can also prevent a negative comment from reducing the brand image by addressing it soon.

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