How to Manage Information Risks During Digital Transformation?

Digital transformation is a must-have for businesses nowadays. It has become a raging parameter to deduce the competitiveness of an enterprise in the industry. Unfortunately, digital transformation is a necessary evil. The surging race to become digitally transformed companies opens new avenues for cyber attackers and criminals. During digital transformation, firms get too entangled in acquiring new-age technologies and improving their operability, leading to overlooked or undermined cybersecurity practices. Consequently, information risks have become growing concerns for IT security departments in all enterprises.

Information Risks During Digital Transformation

However, digital transformation is harmless when businesses keep efficient information risk management in the foreground. Here are five ways for DTOs to align digital transformation with security best practices.

1. Accounting and Securing Digital Assets

One of the most common information risks during digital transformation is the loss of digital assets. The transformation team often overlooks the digital assets, leading to data leaks and other fatal threats to the company. Such mishaps can bruise business continuity and unravel significant turbulence in the workflow. So, your priority should be to account for and secure digital assets before resorting to transformation. Companies can maintain an inventory to register all relevant and irrelevant datasets in an organized way. These inventories can help you label the assets and pinpoint their locations at any point in time.

2. Managing Cloud Security

Let's admit that cloud migration is a significant aspect of digital transformation. The cloud pillar holds the entire transformation architecture in place. So, you cannot afford to risk your cloud resources during digital transformation. Most, if not all, cloud vendors follow a shared responsibility model. Although these providers manage security at the infrastructure end, it's your responsibility to encrypt the data stored, control access, and configure firewalls for optimum protection.

3. Security Networks

Open networks are the most threatening issues when it comes to digital transformation. It can lead to unauthorized access, unlawful stealth of data, and whatnot? As a technically sound enterprise, it's your ultimate responsibility to safeguard networks and follow best practices viz encryption, maintaining access logs, installing intrusion prevention mechanisms, and much more.

4. Adopting New IRM Approaches

As time passes, new cybercrimes and information risk management approaches show up. A company can stay fully protected if it walks hand-in-hand with the latest IRM strategies. It might intimidate some businesses and create an immense burden to keep up-to-date at all times. However, collaborating with an experienced risk management group can save your efforts. They have proficiency in managing IT threats and vulnerabilities and harness the latest paradigm to keep cyberattacks at bay for your business

5. Outsourcing Information Risk Management

Many times, leveraging in-house information risk management strategies can be insufficient in dodging spine-breaking threats. Luckily, you can outsource the tedious cybersecurity tasks to third-party vendors to stay atop IRM best practices without compromising core operabilities.

Businesses should upgrade and adopt digital transformation, provided they can manage information risks the right way at all steps. From strategizing to deployment and improvements, information risk management needs to get the center stage to mitigate threats and achieve resiliency to the maximum extent.

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