How to prevail when technology fails
Building resilience into your tech strategy
We surveyed 550 businesses, and 61% told us that development and/or deployment of technology is a core part of their growth strategy.
But technology can go wrong, and the effects can be far-reaching:
- What if a key piece of new customer-facing technology malfunctions?
- What if the algorithms in your analytics discriminate against some groups because they are based on unrepresentative data sets?
- How does increased use of technology create cyber vulnerabilities and privacy headaches?
These risks are not particularly new, but there are three reasons why the threat to businesses is greater now than ever before. First, businesses today have to deploy technology quickly – and that increases the likelihood of its failure. Second, social media provides an outlet for whistleblowing and allows bad news to travel fast – and that increases the likelihood of exposure. Third, data privacy laws are tighter and it is getting easier to bring collective litigation – and that increases the likelihood of disputes.
Businesses need technology, but technology comes with threats. Here, we look at those threats in detail and delve into our data to see how firms are dealing with them. First, we outline the four principles that form the basis of mitigating technology risk.