Effective management of technology risk involves a multi-faceted approach:
Conducting Risk Assessments: Regularly evaluate the technology landscape to identify potential risks and vulnerabilities. Investing in Cybersecurity: Implement robust security measures such as firewalls, encryption, and multi-factor authentication to protect against cyber threats. Staying Updated: Keep abreast of the latest technological trends and advancements to avoid obsolescence. Training and Education: Ensure that employees are well-trained in using new technologies and aware of cybersecurity best practices. Data Backup and Recovery: Establish comprehensive backup and disaster recovery plans to minimize the impact of system failures.