Modern businesses are totally reliant on networks of highly interconnected IT systems which exposes them to complex and unpredictable risks. Business and IT risks from software and hardware suppliers, denial of service attacks, viruses, loss of business critical and sensitive data and financial crime all place technology risk at the heart of business survival and efficiency.

Effective technology risk management should be integrated into the systems development lifecycle and into corporate governance and strategy.

Technology risk also includes lost opportunities where the business fails to capitalise on the potential competitive advantages offered by IT.

Luxon Risk Systems is able to bring perspective to the threats and opportunities technology brings.

Technology risk is the risk a firm is exposed to due to the ownership, interaction with and use of information technology. Key risks include:

Failure of key hardware, networks and software resulting in significant financial loss and reputational damage.

Hacking, including social engineering, system intrusion, unauthorised access.

Computer crime, destruction of information, illegal disclosure of information, monetary gain, unauthorised alteration of data, impersonation.

Terrorism or malicious harm. Blackmail, destruction of data or equipment, system attack, (e.g. denial of service), system penetration, system tampering, viruses and other malicious code.

Industrial espionage. Theft of sensitive data, breaches of personal privacy, social engineering, system penetration, unauthorised access.

People risk. Poorly trained people – unintentional errors such as programming error, data entry error, disgruntled employees, malicious employees – system sabotage, data theft, alteration or destruction, dishonesty, terminated employees.

Business interruptions due to failure of people, IT systems, business processes or external events due to natural or man-made disasters.