Mastering the Art of Digital Management: Potential Risks and Business Best Practices

AGG Emerging Technologies co-chair Allison Raley authored an article published in the June 2024 edition of Cyber Defense Magazine titled “Mastering the Art of Digital Management: Potential Risks and Business Best Practices.”

Within the article, Allison explains that cryptocurrency has allowed greater access to global markets through its streamlining of transactions, lack of regulatory hurdles, and access to markets that were previously too expensive.

However, with the advantages of cryptocurrency also come potential pitfalls. Allison discusses the security risks, phishing schemes, and other cybersecurity concerns for businesses utilizing cryptocurrency.

While phishing is a prominent concern, she emphasizes the additional risks posed to companies in the form of payment fraud, wallet compromise, ransomware, and compliance risks.

Allison provides a set of risk-mitigation best practices that serve as the first step for companies to safeguard their businesses when entering the cryptocurrency space. Employee training and awareness, multi-factor authentication, secure communication channels, regular security updates and patch management, and due diligence and verification are the keys to successful security.

Cross-departmental training is another area Allison signals as essential when utilizing cryptocurrency as employee turnover without a skilled replacement can result in significant risks. It also benefits the company to have a diverse team that has varied skillsets to handle cybersecurity issues that may arise.

“It promotes collaboration and knowledge sharing, empowering employees to collectively address cybersecurity challenges and uphold the integrity of the company’s digital assets, even in the face of employee turnover,” explained Allison.

To read the full article, please click here.