Emerging technologies provide new opportunities to do business but also open the door to new risk exposures

By: Cara Murray, Assistant Vice President

 

New Opportunities that result from technological advances also come with new risks. Modern business is conducted in a highly networked, data-rich environment. Dynamic and developing technologies are currently and continually being leveraged for increased operational capabilities. This opportunity and innovation does not come without challenges. In any business endeavor, the other side of opportunity is risk, and this is no less true of running a business with technological enhancements. A bigger cyber presence means more cyber exposure.

Current trends in business technology that allow for innovation but also open the door to increased risk include:

  • Bring your own device
  • Remote access
  • Cloud storage
  • Digitized records
  • Web presence
Clearly, the goal for modern business when it comes to technology is to balance the opportunity with the exposure to optimize the benefits of continuing advances. Having an understanding of the complexities of the dynamic modern business environment is the first step in finding ways to mitigate barriers to further success.