Cyber & Technology Risks
Data breaches, ransomware, system failures, and technology-related business risks
Critical Severity Risks
Data Breach
✅Unauthorized individuals gaining access to sensitive or confidential information, leading to legal penalties, financial losses, and reputational damage.
Ransomware Attack
Malicious software that encrypts files and demands payment for decryption keys, causing operational disruption and financial losses.
IT System Failure / Outage
⏳Disruption of business operations due to the failure of critical IT systems, networks, or third-party cloud services, leading to lost revenue and productivity.
IT System Outage Risk
⏳The risk of critical IT systems failing or going offline, which can cripple business operations. Examples include server crashes, network outages, cloud service downtime, or critical software bugs. Outages might range from minor (a few hours of annoyance) to major (multi-day disruption) . This risk is mitigated by robust IT architecture, backups, redundancy, and disaster recovery plans.
High Severity Risks
Business Email Compromise
Sophisticated scam targeting businesses through compromised email accounts to conduct unauthorized transfers of funds.
Cybersecurity Risk
⏳Any risk of financial loss, disruption, or reputational damage from failures of IT systems or cyber attacks . Encompasses threats like malware, hacking, phishing, and system outages.
Data Breach / Cybersecurity Incident
⏳Unauthorized access to, or theft of, sensitive data, leading to financial loss, regulatory fines (e.g., GDPR, HIPAA), reputational damage, and business interruption.
AI Ethics & AI Implementation Risk
⏳Emerging risk that the deployment of Artificial Intelligence systems may lead to unethical or unintended outcomes. Examples include AI algorithms exhibiting bias or discrimination , violating privacy, making incorrect high-stakes decisions, or lack of transparency (which can draw regulatory scrutiny). Additionally, poor implementation of AI can disrupt operations or decision-making if the AI behaves unpredictably. Companies must manage this through responsible AI frameworks, bias testing, and governance.
Intellectual Property (IP) Theft
⏳The theft or unauthorized use of a company's valuable intellectual property, such as patents, trademarks, trade secrets, and proprietary data, often via cyber means.
Third-Party Application / SaaS Risk
⏳Security vulnerabilities introduced by third-party software, cloud services, or applications that have access to a company's data and systems.
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