Keeping Risks at Bay when You Introduce a New Technology into your Business

By CIOReview | Thursday, April 12, 2018

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Risks are considered to be the barriers to adopting new technologies and can be of various types such as financial, security, and compliance. Risks can severely affect decision making and make companies rely on legacy technologies or worse, go out of business. There has always been an issue with security in technology as hackers always find a way around it. Technology is embedded into the most critical processes of operations, and due to this the implications of mistakes, breaches and failures can cause a great harm from a financial and reputational standpoint.

Innovation is clearly driving the market, and as new technologies rise, the existing technologies ought to be regularly scrutinized. Frequent software updates re-engage existing users and fix problems of bugs and patches before hackers can attack them. Sadly many companies do not understand the importance of providing support to their technologies and invite risk to their businesses. In the process of identifying the potential risks of new technologies, an organization can successfully eliminate those risks and adopt solutions that will help the business move ahead in achieving its desired goals.

If developmental companies stop supporting old versions of their software, then it can save an enterprise from cyberthreats, system failure, increased costs, and limitations in future planning. The risk occurs when a company uses a product that is or already has become obsolete and not competitive in the market anymore. The risk of obsolescence can significantly affect the revenue of an enterprise if it occurs. Risks can always be isolated by adopting new systems and processes and working smartly to reduce risk as much as possible.