Risk Management Essay Example

Businesses are exposed to various risks over the course of their transactions some of which are expected while others occur due to unforeseen circumstances. I used to work for an online retailer company, and it is evident that the internet is a valuable tool which enables businesses to connect with consumers all over the world. Technology has over the years merged global economies and modified how people do business. Moreover, people do not need to travel great distances to make business transactions.

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The vast opportunities presented by e-Commerce, on the other hand, introduced a high percentage of risks. As businesses open their systems and data to a public network, cyber security threats are ever-present. In the modern world where businesses rely on systems and information, a security breach can lead to the closure of businesses and loss of reputation (Fields & Ziska, 2016). Identity theft is a significant risk of online business transactions and businesses are coming up with new ways to curb the vice.

New guidelines, regulations and standards have been set up to help businesses to implement the necessary privacy and security practices. Structures and frameworks like enhancement controls are being utilized for their efficiency in assisting in the management of the computing environment. Furthermore, it is only by having a reliable mechanism which frequently assesses and improves compliance with the set regulations that businesses can thrive.

Enhancing cyber security calls for having an in-depth understanding of the tools and mechanisms which come together to protect the computing environment. Besides, businesses have to train their employees more often and remind them of the consequences of opening unsolicited emails or running software programs brought from outside the organization.

Reference

Fields, & Ziska. (2016). Collective Creativity for Responsible and Sustainable Business Practice. New York: IGI Global.