What Is Digital Risk Management?
Digital risk frequently refers to the unwanted, and typically unexpected, outcomes that stem from digital transformation, digital business processes and adoption of related technologies. These outcomes may include cybersecurity risks, third-party risks, business continuity risks and data privacy risks. Digital risk management, then, refers to the practice of identifying, monitoring and mitigating these risks. According to the Digital Risk Management Institute, digital risk management is the next evolution in enterprise risk management, and it seeks to build resiliency into an organization’s systems and processes, such that an organization can better detect and mitigate these risks.