Cybersecurity Risks

Cybersecurity Risks

Potential for unauthorized access, data breaches, and cyberattacks

Data Privacy Risks

Risk of mishandling and unauthorized disclosure of sensitive data

Compliance Risks

Risk of failing to comply with relevant laws and regulations

Business Continuity and Disaster Recovery Risks

Risk of business disruptions due to natural disasters or hardware failures

Vendor and Supply Chain Risks

Risks associated with reliance on third-party vendors and suppliers

IT Project Risks

Risk of IT projects exceeding budget, scope, or time constraints

Technology Adoption Risks

Risks associated with the adoption of new technologies

IT Governance Risks

Risks related to ineffective IT governance structures

Human Error and Insider Threats

Risks associated with unintentional or deliberate actions by employees or insiders

Regulatory and Legal Risks

Risks stemming from non-compliance with IT-related laws and regulations

Ethical Risks

Risks related to unethical IT practices

Phishing attacks

Type of cyberattack used to deceive individuals and obtain sensitive information

Malware infections

Infections caused by malicious software that can harm computer systems

Ransomware

Type of malware that encrypts files and demands a ransom for their release

Data theft

Unauthorized access and theft of sensitive or confidential data

GDPR compliance violations

Violations of the General Data Protection Regulation

Failure to obtain proper consent

Not obtaining appropriate permission for data processing

Non-compliance with HIPAA

Failure to comply with the Health Insurance Portability and Accountability Act

Non-compliance with SOX

Failure to comply with the Sarbanes-Oxley Act

Business disruptions

Disruptions to normal business operations

Lack of BCDR planning

Absence of plans for business continuity and disaster recovery

Inadequate backup procedures

Insufficient processes for backing up data

Prolonged system downtime

Extended period of time when a system is not operational

Vendor lock-in

Dependency on a particular vendor with limited alternatives

Supply chain disruptions

Disruptions in the supply chain that affect IT services and products

Inadequate vendor security measures

Insufficient security measures implemented by vendors

Scope creep

Gradual expansion of project scope beyond the original plan

Inadequate project management

Poor management of project resources and activities

Lack of stakeholder engagement

Insufficient involvement and communication with project stakeholders

Integration challenges

Difficulties in combining new technologies with existing systems

Unexpected costs

Unforeseen expenses associated with technology adoption

Ineffective IT governance structures

Structures that hinder effective decision-making and alignment with business objectives

Inadequate IT governance committees

Committees with insufficient authority and oversight in IT governance

Unclear roles and responsibilities

Lack of clarity in defining roles and responsibilities within IT governance

Accidental data leakage

Unintentional release of sensitive data

Insider trading

Illegal trading of securities based on non-public information

Disgruntled employees

Employees who are dissatisfied and may engage in harmful actions

Violations of data protection laws

Breaches of laws that protect personal data

Failure to retain records as required

Not keeping records for the required period of time

Invasion of privacy

Intrusion into someone's private life without consent

Ethical dilemmas in decision-making

Challenges in making decisions that align with ethical principles