In recent years, businesses have been investing in digital transformation. With the pandemic, most businesses have accelerated these initiatives to accommodate, among other things, a transition to some form of remote work – even as we contemplate a return to the workplace in the coming months.
Broadly speaking, there is no one definition of “digital transformation,” but it generally encompasses (i) updating end-of-life systems and infrastructure, (ii) accelerating the move to the cloud and XaaS (everything as a service), and (iii) creating and using new technologies such as artificial intelligence and machine learning. The underlying rationale for such initiatives is the potential in cost savings and increased efficiencies that will benefit the business’s operations.
As with any major initiative, a successful digital transformation will depend on identifying key risks and implementing measures (including contractual ones) to mitigate such risks. The type and magnitude of risks depend on a variety of factors, including the organization’s business model, its stakeholders and the complexity of its technology. In this article, we briefly discuss the risks associated with digital transformation from technology, cybersecurity and privacy perspectives.
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