Technology as we know it today has opened many doors and given us all plenty of opportunities to improve our livelihoods, whether it be in a professional or personal capacity. We use our mobile phones as mini laptops, to machine-learning software that simplifies work processes in the office.

For businesses, technology is one of the most invested areas when it comes to allocating budgets. However, there are still plenty of risks with technology that are worth being aware of. A business can easily get themselves into trouble if they end up using data in the wrong way, or putting their trust into the wrong software.

In this article, you’ll learn about the top risks that technology can present to businesses in 2022 and what you should be looking to avoid.

The Latest Statistics On Business Security In 2022

Business Security

There are plenty of risks that businesses should be aware of when it comes to their security, especially when it’s in relation to technology. Cyber threats are one of the biggest risks for companies with the cost associated with data breaches alone being nearly $3 million per incident for small organizations alone.

Technology plays such a significant role in a lot of businesses and with projections showing a tech industry growth of $5.3 trillion in 2022, it’s showing no signs of slowing down.

Top 12 Technology Risks For Businesses To Avoid

What technology risks should businesses be looking out for this year? There are some obvious technology risks that companies fall victim to but there may be one or two in this list that isn’t so obvious.

1. Financial Risks

Fraud is one of the major risks for businesses and as more organizations find themselves operating online, the more vulnerable it makes them.

Without the right awareness of fraudsters on the internet, it can be easy enough for an organization to be blindsided by a seemingly innocent scheme or request for finance. That’s why it’s important to have the right fraud analysis tool in place like merchant account protection.

SEON For Financial Risk Management Software

seon

SEON is just one example of financial risk management software options available for companies to take advantage of.

The platform offers a complete anti-fraud suite of tools that are useful in helping prevent fraudsters from taking advantage of an organization’s vulnerabilities.

2. DSAR Requests

DSAR requests are submissions made by the data subjects to see what personal information of theirs is being used by the business. This can be a risk to businesses for a number of reasons.

The DSAR requests can get missed among the many that may be requested or they may be unauthenticated, making it challenging to identify the requestor and to trust them without the correct authentication.

Security during this request process can also be easily compromised, especially if the data requested is delivered to the wrong individual.

3. Secure Passwords

One of the most common technology risks for businesses and individuals alike is the creation of strong passwords. A secure password is one that should remain unique and extremely difficult to crack. However, cybercriminals are becoming much more effective in their ability to breach databases that hold passwords.

With 90% of internet users worried about getting their passwords hacked, it’s important that employees pay close attention to the passwords they use and how easy they are to guess or decipher.

It’s why some businesses are choosing to install password software in place that manages and stores all passwords or utilizes security measures such as two-factor authentication.

4. Risk Accountability

It’s important to make clear the risks that a business has and how these risks are shared in terms of responsibility. Taking accountability is an important part of ensuring employees are being careful with the data they have and the risks that they are accountable for, should anything happen.

An effective policy structure is a good way to delegate risk and to consider what risks are strategically advantageous and what could be rejected.

5. Technical Debt

Technical debt is part and parcel when there’s a lack of technical planning. It’s a long-term issue that will only become more frequent if decisions made on the architectural and technology section of the business continue to be short-sighted.

6. Employee Usage Of SaaS Applications

SaaS Applications

Many businesses are now making use of SaaS applications and the growth of this industry has expanded quite dramatically. With 73% of businesses planning to switch all their systems to SaaS according to DevSquad, it can be a technical risk despite its benefits.

Not all employees are given the right amount of training with these platforms and there may be some confusion on what data can be included. This can lead to failure in data compliance, which of course, could land a company in hot water.

7. A Lack Of Tech Planning In Change Of Management

Change in management can sometimes overlook the technical aspects of such change. Tech planning can affect risk if it’s not incorporated into this process when one employee is moving into another role that requires various access requirements or removal of others.

There are also external environmental factors to consider whether that’s dealing with cyberattacks to good patches and vulnerability management. Effective change-management processes are essential!

8. Lack Of Control Systems On AI Bots

Whilst AI technology is proven to be very popular amongst businesses nowadays and is considered to be the next big thing, it still needs careful monitoring. Machine-learning tools and software like AI bots access sensitive systems and information that could easily be exploited by attackers.

It’s important to secure this new type of technology, especially as it can be a vulnerable area for many businesses using it for the first time.

9. Widening Technical Skills Gaps

Many businesses can overlook the need for improving the technical skills of staff. It’s often assumed that most staff can easily understand the technology that they’re using on a day-to-day basis in the workplace. However, that couldn’t be further from the truth.

Filling the skills gap is a top priority for many businesses, with 64% of L&D professionals saying that reskilling current workforces are a priority now.

10. Data Compliance Issues

Data Compliance

Data compliance is important, especially with new data privacy laws coming in left, right, and center. Companies need to ensure that data is being gathered and stored correctly, as well as what it’s being used for. Data privacy laws such as GDPR for example, don’t take too lightly those companies who ignore the rules in place.

With a shift to a remote/hybrid work environment, it’s more important than ever to be aware of compliance within the realms of data. What could be done to fix some obvious issues and to remain compliant with every new customer/client that gets added to the database?

11. The Resilience Of Technology

Maintaining the functionality of current systems in place and performing at the best speed possible is one that can be difficult for some organizations. Not every organization has the resources to maintain the same performance and some technology can often be outdated as a result.

That outdated technology can prove to be vulnerable and is a risk for businesses to their data as well as any other information they store. Technology that was fresh and relevant five years ago may not be anywhere near the same level of performance as current technology platforms and software.

Staying on-trend and up to date with the very best in technology is what can really help businesses succeed in their objectives for the year ahead.

12. Disruptions From Suppliers Or Vendors

Business operations can crumble quite easily if one supplier or vendor drops the ball. This disruption or failure caused by the relevant suppliers/vendors can cause major issues within the operation of the company.

So much so that it can leave a business vulnerable to financial impacts that could ultimately, cause the organization to fail. Disruptions aren’t always caused by a lack of control but this can often be the case when monitoring or tracking the supply chain hasn’t been prioritized.

Communication with vendors and suppliers is essential and it’s something that requires both parties to be on top of. To avoid technology risks through vendor issues, it’s worth having constant correspondence between your suppliers so that problems can be avoided before they occur.

Protect Your Business From Technology Risks In 2022

No business is invincible when it comes to risks in technology. There will always be room for improvement in any organization and it’s, therefore, good practice to look out for technology risks. Making sure your business remains alert and taking precautionary measures for these risks can help you from stumbling into a compromised position.

In 2022, technology is a thriving commodity that any business requires in order to achieve more success. Don’t let your business fall short when it comes to technology risks!

Author Bio: Natalie Redman

Natalie is a freelance copywriter that mostly writes articles on technology and marketing topics. She has 2 years of experience in these fields and loves to do case studies after gathering enough information.

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