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Even as business technology's future continues to get brighter, there is a need to reconsider cybersecurity, privacy, and risk management issues. As technology continues to advance, the risks become more, and thus security becomes a significant aspect that needs to be addressed (Cleary and Felici 2014). In the last few years, new laws have been developed to regulate how service providers collect, use, retain, disclose, and dispose of user information. The number of cyber‐attacks and data breaches has been rising rapidly; the organization needs to take the necessary precautions to protect their data. The future of business technology is expected to experience data privacy and regulatory space (Herbane 2010). In 2018, the EU regulatory space started to make sweeping changes regarding privacy and data security policies. All the organizations were meant to implement the laws that govern how they manage and share user data. Cybersecurity, privacy, and risk management are essential in any organization; the stakes are more significant than ever since the risks will continue to grow. They will continue to face risks associated with privacy and security practices. Thus, organizations need to implement ideal policies to enhance security and protect user data (Maras 2015).

Cybersecurity involves protecting and recovering networks, network devices, and various programs from any form of cyber‐attack. In the current IT world, cyber‐attacks are common, and if networks are not well protected, the attacks could result in the destruction of sensitive data and money extortion. Privacy aims to secure user information and protect it from getting into the wrong hands. Personal information is confidential, and thus it is one of the distinct components of information security. Therefore, it is essential to enhance privacy to ensure user data is protected and cannot be accessed by unauthorized users. Risk management involves the identification, analysis, and assessment of various risks in cyberspace. It involves studying and analyzing the information technology infrastructures and identifying all the possible vulnerabilities that negatively impact different systems (Maras 2015). Once the assessment has been done, the ideal risk management should be carried out where program priorities are identified and various processes are initiated to monitor, control, and minimize the risks. Under cybersecurity, privacy and risk management, internal and external threats are established to identify risk management's ideal framework. It is essential to define the communication lines involving all the stakeholders to highlight the consequences of the risks. In this manner, the risk status can be analyzed, helping to formulate a solution. It is a process that needs prioritization to reduce the chances of risk occurrence while at the same time establishing processes that will enhance risk review processes.

In the next two decades, it is expected that more regulations will be developed as organizations will continue to adopt technological advancements to enhance their performance. As more organizations implement digital technology, the risks associated with it will continue to rise. Therefore, the management team's mandate is to enhance privacy, implement the ideal cybersecurity techniques, and establish a risk management process that will help them deal with cyberspace threats (Rademaker 2016). Some of the risks that may expose an organization to hackers or intruders include limited configuration security, lack of patch management, lack of a proper encryption process, and code security weaknesses. These weaknesses expose systems and could harm the organization's data. Therefore, it is essential to implement cybersecurity techniques, privacy, and a risk management process that will ensure the organization is protected at any given time (Rademaker 2016). Some of the ideal mechanisms that could strengthen cybersecurity include enhancing network security, operating system (OS) and database security, front end security, authorizations for users, communication security, and the presence of emergency concepts, where backup and disaster recovery processes are defined. The explosion in internet penetration is a significant boost to organizations worldwide. Cybersecurity is a major concern that needs to be addressed since the same organizations are exposed to major threats (Cleary and Felici 2014). Business technology's future is bright, but organizations need to consider the ideal practices that will keep them protected from cyber threats, risks, and privacy issues.