Organizations have almost become completely dependent on technology to run their everyday operations. In situations where security threats are possible, it is your responsibility as a leader and decision maker to minimize damages and losses generated by security incidents. A major concern with security breaches is that many businesses do not know how to manage or countermeasure the effects. Hackers and phishers are responsible for most online thefts and fraud. These individuals use their abundance of computer knowledge to remotely invade computer systems to access, download, sell, and defraud individuals.
Using, copying, and distributing intellectual software without permission is considered pirating. Forging someone’s identity with the intent to use it for fraud is considered identity theft. Your business should have a clear understanding of potential theft vulnerabilities, and have a plan in place to serve as a countermeasure if a breach were ever to occur. You should focus on protecting the major three components of information technology (IT) systems, which include people, information, and IT. Without the proper knowledge, hardware, and data security encryption techniques, you allow your business to be vulnerable to IT security breaches.
A risk management system can be used to monitor and analyze security threats and create countermeasures. Security breaches can disable business functions and pilfer confidential data. No matter the size of your business, you must understand the financial cost of a potential security breach to your company, and protect your business, and your customers from theft and fraud.
Dr. Elijah Clark (September 29, 2023). Risk Mitigation [Web log post]. Retrieved from https://elijahclark.com/risk-mitigation/