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Tips for Managing IT Risk Without Hindering Innovation

Sure, the IT industry has a reputation for companies taking massive risks, but the reality is business risk puts people’s livelihoods on the line.

Company leaders can’t just roll the dice on every opportunity they come across. The trick is to innovate as much as possible without taking on too much risk.

Consider the following tips on how to balance risk with innovation.

Invest in backups

IT infrastructure is continuously being improved, altered and updated, and ostensibly unrelated variations can impact backups. Dependable backups keep a company safe, and not regularly verifying backups puts an organization at substantial risk.

It takes five minutes to confirm backups are still functioning. Automated assessments should not be trusted completely. An actual test event can figure out if your backup risk is being properly managed.

Keep risk-monitoring tools up to date

Monitoring tools play a major role in staying on top of risks and incidents within a company. However, monitoring tools have limitations, particularly as the IT ecosystem shifts. If your business has implemented new technologies like containers, your monitoring operations may overlook a substantial source of risk.

A lot of IT monitoring tools, like traditional APM platforms, can’t effectively incorporate with modern applications and work with intricate interdependencies between applications, as well as the fundamental infrastructure that supports them.

Conventional APM solutions just don’t go deep enough. The increase of containerization and multi-cloud systems have added to this issue substantially and made many conventional monitoring tools unable to keep pace.

Determine vendor lock-in risk

Vendor lock-in risk has long been a concern in IT and the cloud has made it even more of an issue. The first cloud services were basic solutions like file storage. In this particular scenario, transitioning to a new vendor is easy to handle. More state-of-the-art cloud services, however, make transitioning challenging, boosting risk of vendor lock-in.

Some companies simply accept the risk of vendor lock-in and hope for the best. Others might wish to split their processes between several vendors. Managing several vendor relationships does take more work, but it could be worth it.

Understand SaaS insider risk

With the use of SaaS, it is nearly impossible for businesses to keep workers and partners from taking company documents with them if they leave, creating a delicate situation for businesses that want to leverage this technology solution. Growing use of SaaS services, both personal and business, boosts the prospect of data loss. Conversely, prohibiting the use of SaaS services may be seen as anti-innovation.

Keep data sacrosanct

The greatest risk to innovation is bad data. As a result, companies must commit the effort up front to make certain the information they collect is high quality and dependable.

Early on, companies should organize a working group to analyze data quality and governance concerns. Companies that didn’t take this step early on should appoint an expert to be accountable for a data integrity effort.

At Thompson Technologies, we keep our finger on the pulse of the tech industry to better serve our clients. If your company is currently looking for a well-informed staffing partner, please contact us today.

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