IT Projects are involved with Risks, especially larger, ambitious, more complex Projects.
IT Project is a failure when it exceeds set amount of time or cost.
Majority of IT Projects are failures with that respect (about 70-90% of them all).
IT Projects Risk should be Managed, as a part of Project Management efforts.
There are other threats as well, for example writing incorrect (not meeting customer's requirements), insecure, or bugged application.
Low Code Quality also poses a risk, for this type of software - even if cheap at first - carries greater modification & correction costs - measured in time & cash.
As Reality & Markets change, Companies need to Adapt, software needs to be rewritten anyway.
How to handle the Risks?
1. At beginning do a brainstorming session with employees, not only developers & management; involve customers if You can (not only the risks of technological / development type - address the miscommunication, currency conversion risks & other risks as well),
2. Address greatest of risks first, prototyping software, checking libraries & tools as well,
3. Prepare for extra time & other costs as well; especially for the initial preparatory project phases, as well for last debugging ones,
4. Care for the work quality & team integrity, do not change personnel too often, do not hire too untrusted personnel as well,
5. Adapt Iterational Development Procedures (split project into phases according to risks & priorities, complete one after another, modifying software between iteration versions, keep versions archive as well), instead of a Waterfall Model.
6. Enter unproven, dangerous or Risky fronts (markets, tools) with extra assurance, insurance, time & skill,
7. Have a competent team that can cooperate & communicate efficiently over a long time,
8. Adapt Quality Insurance Policy as well, make sure that team adheres to it,
See also, if You wish, or need, ... : Threat Analysis, Common Problems in Software Company, Application Design, Use Cases & Automatic Testing.