Technological Risk Faced By A Business || TRAINER ANIL MAURYA

Objective

To learn about the technological risk faced by a business  
Key Learnings from the Video

1. Concept of Technology Risk

Every business faces different types of technology risks.

For example, The Kirana store has to protect the address, phone number, and purchase history of its 1000 customers whereas Airtel Telecom needs to protect the call history of more than 1 crore customers.

Even the technology risk of the two Kirana stores is also different.

2. Types of Technology Risk

The technology risk can be in the form of theft of any of the following:

a. Customer’s data

b. Accounts

c. Earnings  

3. Impact of Technology Risk

It impacts the following:

a. Business and project goals

b. Service continuity

c. Bottom line result

d. Business reputation

e. Security infrastructures

4. Technology Risk - Problems

A business faces the following problems due to technology risk:

a. Physical threats

b. Electronic threats

c. Technical failures

d. Infrastructure failures

e. Human error

5. Mitigation of Technology, Security, Fraud Risk

You can mitigate risk in different ways once it is identified. Risk mitigation means responding differently to different risks. Mitigation means minimising the risk. The ways to minimise any form of risks are:

a. Accept the risk

b. Avoid the risk

c. Transfer the risk

d. Reduce the risk

The type of strategy to deal with risk depends on its impact. Every risk impacts your business and reputation both.

To mitigate technology risks, you should do the following:

a. Avoid pirated operating system

To handle the risk of data loss and other technology risks, make sure that your computer system does not have a pirated operating system. The expense of buying authentic software is far less than the loss which can be caused due to data loss. By ignoring the use of authentic software, you put your business data at risk.

b. Update the operating system regularly

When you use an outdated operating system, your computer system is exposed to various security risks. 

c. Install appropriate antivirus

There is an increase in the malware risk when your computer system is connected to the internet. Malware is a small software program that gets installed on your computer as a proxy.

The malware sends all of your personal data to someone else through the internet.

This increases the possibility that the password that you use for banking and other financial transactions is shared with someone else.

A good antivirus program saves from such types of risks.

If you do the financial transaction from mobile, then you can install a mobile antivirus to save your phone from malware. 

d. Take data backup

Always take the backup of your data at least on weekly basis.

e. Protect data with strong passwords

You should not share your password related to financial transactions with others; not even with your closest or the oldest employee.

Keep your computer system, laptop, and mobile phones protected with the help of strong passwords, face recognition, finger touch.  

6. Payment Fraud

Payment fraud risk is increasing as banks are using computers, the internet, and mobiles to connect with customers. The types of payment frauds are:

a. SMS/WhatsApp message/E-mail

You may receive SMS/WhatsApp message/E-mail which may look like communication from your bank stating that you won some money and may ask you to click the link. Clicking this link can let fraudsters access your bank account and empty it.

A click on the link in the SMS/WhatsApp message/E-mail send by a fraudster may also install some software in your phone through which he/she can control your mobile.

b. OTP sharing

Sometimes, fraudsters call you and tell some story to build trust to get the OTP.

c. Fake call centre of the bank

Sometimes, fraudsters pretend to be calling from a bank’s call centre and ask for all the relevant information from you to do fraud.

If you have been mistakenly a victim of bank fraud, then you should contact and inform your bank and payment bank (Paytm, Google Pay, Phone Pe) about the fraud. You can get your money back if you inform in three days.

Key Outcomes of the Video

Keep yourself aware of the technology risk caused due to changes in technology
Avoid the use of pirated software to mitigate technology risk
Use strong passwords to protect your data from theft and fraud risk 

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