The increasing dependence of organizations on digital technologies has transformed the business environment while simultaneously exposing enterprises to a growing range of technological risks. Modern enterprises rely heavily on cloud computing, artificial intelligence, big data analytics, Internet of Things (IoT), enterprise software systems, and digital platforms to support strategic and operational activities. While these technologies create significant opportunities for innovation, efficiency, and competitiveness, they also introduce cybersecurity threats, operational disruptions, regulatory compliance issues, privacy concerns, and emerging technological vulnerabilities. Technology Risk Management (TRM) has therefore become a critical component of enterprise governance and organizational resilience. This study examines the concept, frameworks, challenges, and best practices associated with technology risk management in modern enterprises. Through a comprehensive review of existing literature and industry practices, the research identifies major categories of technology risks and evaluates mitigation strategies. Findings indicate that organizations with mature technology risk management capabilities achieve stronger cybersecurity, regulatory compliance, operational continuity, and stakeholder trust. The study proposes an integrated technology risk management framework designed to support sustainable business growth in an increasingly digital world.