Digitalization, as a process of transformation of business activities, facilitates increasing operational efficiency, developing innovations and rapid covering of the market. The process of transforming information and daily operations into digital formats benefits competitiveness, productivity and innovations of businesses, on one hand. On the other hand, it poses various risks, such as cyberattacks, data breaches, privacy violations, legal and ethical issues, technological incompatibility and obsolescence. These risks can threaten the sustainability and viability of a business in the long term. This study focuses on the process of identifying digitalization risks. To accomplish a study objective, case studies will be applied. This study aims to provide an overview of the main types of digitalization risks in the business environment.