Minimizing Business Risk in a Digital Era – A Tech With Heart Interview with Funso Richard

Feb 13, 2024Business Growth, News, Small Business, tech with heart, Technology for Business

Picture of Michelle Calloway and Peter Voss in a promotional image

Operational and Compliance Risks

In today’s digital era, businesses face numerous risks that can potentially harm their operations and reputation. To navigate this challenging landscape, it is crucial for organizations to understand and address these risks effectively.

One significant area of concern for businesses is third-party risks. With more than 700 third-party partners, US businesses rely heavily on external entities to support their operations. However, this dependency also exposes them to potential vulnerabilities. Funso Richard emphasizes the importance of thoroughly vetting and managing these relationships to mitigate any associated risks.

Operational risk and compliance risk are two other critical aspects that businesses must prioritize. Operational risks refer to internal factors that can disrupt business operations, while compliance risks involve ensuring adherence to laws and regulations. Implementing robust risk management frameworks and regularly reviewing and updating compliance procedures can help businesses stay ahead of potential threats.

The Tech With Heart Foundation simplifies technology concepts for small business owners, so they can be competitive in a rapidly changing digital era. In this episode of the Tech With Heart Show, Media and Technology Strategist, Michelle Calloway interviews Funso Richard, and experienced Executive Governance, Risk & Compliance Advisor, who shares several key insights to help small businesses minimize cyber attacks that could cause them significant harm.

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In This Episode You Will Learn:

  • About third party risks that all business owners have
  • About operational risks and compliance risks
  • How to train yourself and your team to avoid cyber incidents

Avoiding Cyber Incidents

When it comes to cyber security, small businesses are particularly vulnerable. Shockingly, 99% of businesses in the US are considered small businesses, making them attractive targets for cybercriminals. Funso Richard highlights that 5% of these businesses have experienced a cyber incident shutdown. To protect sensitive data and prevent cyberattacks, businesses must adopt proactive measures such as employee training and implementing strict security protocols.

Email phishing is a common tactic used by cybercriminals to trick users into divulging private information. It is essential to exercise caution when dealing with unknown or suspicious emails. Funso Richard advises against trusting every email received, clicking on links within emails from unknown sources, or following instructions provided in such emails.

Another emerging threat is the rise of deepfake technology. Deepfake allows the creation of content that can convincingly mimic someone you know, both in appearance and voice. This poses significant risks in terms of identity theft, fraud, and reputational damage. Businesses should be aware of this technology and take appropriate measures to protect themselves and their employees from potential harm.

“Small businesses are a building block of the country’s economy. Minimizing the risks that small businesses face is of utmost importance. We’re all invested. We all should be invested in making every small business thrive, not just survive.” – Funso Richard

In the interview, Funso Richard emphasizes the importance of investing in cyber security and training employees. With technology playing an increasingly central role in business operations, investing in robust cyber security measures is no longer optional. Furthermore, training employees to recognize and respond to potential threats can significantly reduce the risk of cyberattacks.

To enhance cyber security, businesses should embrace data and leverage it effectively. Analyzing data can provide valuable insights into potential risks and allow for proactive risk mitigation. Additionally, partnering with trusted experts in the field can provide businesses with the necessary support and guidance to navigate the complex world of cyber security.

In conclusion, businesses must prioritize risk management in the digital era to ensure their long-term success. By understanding and addressing third-party risks, operational risks, compliance risks, and cyber security threats, organizations can minimize potential harm and protect their operations and reputation. Investing in employee training, embracing data, and partnering with trusted experts are crucial steps towards building a resilient and secure business environment.

About Guest Funso Richard

headshot of Funso Richard, bald man with beard, wearing a gray suit

Funso Richard is a Thought Leader and Executive Governance, Risk & Compliance Advisor. He shares insights on business risk through his monthly LinkedIn newsletter, Business Risk Pulse. He is an AVP of Cybersecurity with a leading healthcare revenue cycle management company.

HITRUST-certified and Harvard-trained results-driven Information Security Executive & Governance, Risk and Compliance Leader with a track record of building successful security programs, including one of the leading healthcare revenue cycle management companies in the US. Excel at implementing risk-based thinking and data to design and deploy policies, processes, and platforms to support business critical assets and missions, while leading an eclectic team of cybersecurity and risk professionals to ensure business resilience and regulatory compliance. A major collaborator and contributor to interdepartmental enterprise initiatives including vendor management, data privacy, cyber liability insurance, change management, compliance, risk mitigation, technology transformation and business continuity and disaster recovery programs.

Cybersecurity Philosophy: Cybersecurity is a risk-reduction and revenue-preservation program that supports business critical missions. While cybersecurity does not directly generate revenue, it protects organizations from losses and ensures that they remain in business. Put differently, an organization is as relevant as its cybersecurity controls.

About Tech With Heart

Tech With Heart is a nonprofit 501(c)(3) foundation focused on creating a safe, nurturing learning environment for entrepreneurs, students, and children. Tech With Heart is a nonprofit with a passion to ENLIGHTEN and EMPOWER business owners to EMBRACE technology and business strategies that will keep them competitive and relevant for long-term success, in a rapidly changing digital world. The entrepreneurial support program, Tech With Heart Network, is unlike other business networks because they are a nonprofit focused on serving and supporting, not gaining financial wealth.

  • Members are heart-centered AND forward-thinking
  • They teach emerging technologies and growth strategies
  • All questions are good questions. They provide timely answers too!
  • All ages and knowledge levels are welcome to participate
  • Members build and nurture long-term business relationships as they grow alongside one another
  • Warm, professional, and vetted business referral network

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