Businesses must carefully assess and mitigate cyber risks when investing in new technologies. As technology evolves, it often introduces new vulnerabilities and potential threats that could compromise business security. 

Here’s how businesses can effectively assess and mitigate cyber risks associated with new technology investments:

Steps for Assessing and Mitigating Cyber Risks in New Technology Investments

Risk Assessment Before Adoption: Before adopting any new technology, conduct a comprehensive risk assessment. This should consider the specific cybersecurity risks associated with the technology, including any known vulnerabilities, the security of the technology’s supply chain, and potential impacts on the existing IT environment.

Vendor Due Diligence: Evaluate the cybersecurity practices and reputation of the technology vendor. Assess their commitment to security through their product development lifecycle, support, and update policies. Check for any past security incidents or breaches and how they were handled.

Integrate Security into the Procurement Process: Ensure that cybersecurity criteria are integral to the technology procurement process. Include security requirements in RFPs (Request for Proposals) and contracts, and use them as key criteria in the vendor selection process.

Pilot Testing: Before full deployment, pilot the technology within a controlled environment. This allows you to identify any unexpected behaviors or vulnerabilities in the system and understand how it interacts with existing systems without exposing the entire network to potential risks.

Secure Configuration and Customization: Configure new technologies securely before they are integrated into the wider network. Disable unnecessary features and services that could create security vulnerabilities, and ensure that default passwords and security settings are changed.

Regular Updates and Patch Management: Establish processes for regularly updating the technology and applying patches. This is crucial for protecting against known vulnerabilities that are often exploited by attackers.

Employee Training and Awareness: Train employees on the correct use of the new technology and any potential security risks it may introduce. Ensuring that all users understand how to securely operate the new system is vital for maintaining security.

Integration with Existing Security Operations: Ensure that new technologies are fully integrated into existing security operations. This includes the management of logs, monitoring for unusual activity, and the ability to incorporate the technology into the organization’s overall security incident response framework.

Legal and Compliance Considerations: Evaluate any legal and compliance issues related to the new technology, especially if it involves data storage or processing. Ensure that the technology meets all relevant compliance requirements related to data protection and privacy.

Continuous Monitoring and Review: After deployment, continuously monitor the technology for any security issues and review its impact on the organization’s overall cybersecurity posture regularly. Be prepared to make adjustments as necessary based on this ongoing evaluation.

Tools and Techniques to Aid in the Process

Threat Modeling: Use threat modeling techniques during the risk assessment phase to identify potential threats and vulnerabilities introduced by the new technology.

Security Ratings Services: Leverage security ratings services to gain insights into the security posture of potential vendors and technology solutions.