If it feels like this is an incredibly risky time to own a business, then you are in the same mental space as thousands of business owners all around the world. Risk assessment and risk management have come to the forefront of an incredible number of businesses because everything seems to have changed so quickly all around the world because of the pandemic. But the present is not only changing. Now people have to look at the future differently, especially when it comes to costs and benefits of their business. So that begs the question – is your business ready for the risks of the future?
There are three topics that make sense to explore when considering this question. The first deals with cybersecurity. The second deals with essential privacy issues. And the third deals with supply chain disruptions. If you make a concentrated effort within your company’s administrators to get ahead of those three issues, you will maintain some sanity next time the business world gets turned on its head.
Even though it seems like most business owners are prioritizing essential labor and supply issues right now, it’s important not to forget about cybersecurity. As business goes back to normal, there will be more online work than ever, which is a great convenience in one aspect of a business, but it also opens up a lot more opportunity for hackers or other people who pose cybersecurity threats to your company and your clients. Doing everything possible to ensure optimum cybersecurity is an essential task that you will have to handle one way or another, so doing it sooner, rather than later, makes sense. Some businesses might also want to consider working with a legal firm, like Sidley Austin (https://www.sidley.com/en/services/privacy-and-cybersecurity), to make sure they are prepared and following all safety measures to prevent a cyberattack.
Closely related to cybersecurity are privacy issues. You need to make sure that your client information is safe. You need to understand encryption and how your company uses it. You need to know the difference between sets of information that will be more or less secure, depending on where it is stored. And you need to be able to convince clients and shareholders alike that your company prioritizes their privacy. You’ve seen how Facebook and other large developers have gotten in trouble for security issues lately – you don’t want to add your business’s name to that list.
Supply Chain Disruptions
In the future, every size of a company is going to have to pay more attention to their supply chain. If companies don’t learn to mitigate supply chain disruptions and risks, they’re obviously not ready for a future in which disruptions are more commonplace. It is crucial to start building resilience into business plans, and if you have not done this before, then yesterday is the day to start.