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Understanding the Potential Risks of Technology in Business

There has been a lot of encouraging information out there about technology and how it can highly benefit your business. One major modern technology platform can take your business to the next level, enabling you to compete with other businesses in the market. Today’s technology can improve any or every aspect of your business, such as communication, project management, marketing, productivity, and finance. There’s no denying that technology has made its way into the business world and provided major benefits.

What many people don’t realize at first or eventually forget is that the more we use the advantages of technology, the more disadvantages it can attract as well. It’s not all clear skies and rainbows. It takes a lot of money and effort for you to allow technology to actually help you in running your business.

That said, as a business owner, you should be aware of or be reminded of the disadvantages of using technology in your business.

Technology dependence

Once you’re used to relying on technology, you become dependent on it. Soon enough, it’ll turn into a concern when a variety of digital services, such as apps and devices, are coincidentally down. Since a lot of establishments are now using digital services to conduct and operate a business, it does turn into a tremendous concern when the programs are having technical difficulties.

A small glitch in a device can already slow down the process of transaction and operation. If you’re in the middle of paying your expenses online and your internet connection is being breached at the same time, it will be a concern and can even go further. If there is any issue with the server of the online store or app, it can be a big cut-off from the customers. Hence, business slows down.

Expensive purchases and maintenance

Your costly expenses don’t end once you’ve owned a new technology platform. The purchase alone is expensive, but there is more to come. You will have to protect and upgrade your technology to keep it going and let it keep helping your business. Since technology evolves continuously, your expenses can get higher in time as well, in order for you to keep up with the competition.

Aside from upgrades, maintenance also costs a lot. Protecting your devices and systems from cybercriminals is mandatory. These criminals target the weakest link and it’ll cost you a lot of misfortune if you leave your digital systems unprotected.

Security risks

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The more technology you have, the more protection it requires. And as you already know, security installment has high costs as well. Leaving your system unprotected will cost you more, so don’t ignore the power of antiviruses and VPNs.

The majority of businesses depend on technology to store data. Any carelessness caused by anyone working in your company can lead to a higher risk. Cyberthreats are now a common part of modern life that not having protection in your system should be as illegal as those cyberattacks.

Cyber attackers are in constant search for vulnerable systems and devices where they can fraud you in business. Ransomware evolves just as much as technology does and it’s becoming more of a commodity, which is why cybersecurity in any device and system must be protected. One way for your business to be victimized by these criminals is to install VPN (virtual private network) or ZTNA (zero-trust network access).

Interruptions in the workplace

Technology is a big help for employees as it increases focus and productivity. While this is true, technology can also drive engagement and productivity away from work. People have been attentive to their respective social media accounts and some are using smartphones for different purposes, such as gaming and viewing.

Another huge burden that technology can bring is the incompetence of some workers to learn its use. It would require more time for training and educating since, as the employer, you have to be responsible for your employees to learn the new technology you’re using. This is one of the reasons investing in technology should be planned thoroughly.

Any business deserves access to technology, especially small businesses since many can’t afford it enough. Disabled veteran-owned small businesses also deserve recognition and assistance when it comes to access to technology.

Desiring for success in business needs technology in order to achieve it. Without the slightest technology feature, your business will cease to succeed. That’s why running a business requires technology and it also comes with protecting and maintaining the technology you’re using. Threats and risks will never go away, but there’s always a way to prevent them from happening through the efforts of awareness, knowledge, and security.

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