Future-proofing your organization against the unknown
Businesses need to evaluate how they manage their physical risks to avoid the next improbable event that could have devastating consequences to an organization’s continuity and bottom line.
An easy mistake organizations can make is not preparing for difficult-to-imagine risks, such as terrorist threats. Such events, though a lower probability for many organizations compared with other risks, could present more catastrophic, irreversible outcomes.
“Just because an incident is unlikely, it doesn’t mean that it will not materialize. If it has a severe enough impact, however improbable, businesses should still consider the level of mitigation they want — and not simply hope it won’t happen,” says Nick Doyle, Managing Director, Head of EMEA, Security Risk Management at Kroll. “This often happens when organizations rationalize likelihood, which can lead to poor assumptions being made. Poor assumptions, in turn, lead to inadequate plans, which lead to vulnerabilities in a company’s risk exposure."