Is your company resilient? Here are five tips to make sure it is
Gaps in crisis preparedness and corporate security were readily apparent during the first year of the COVID-19 pandemic as organisations grappled with increases in cyber-physical threats, supply chain disruptions, political instability, reputational risks and more. While many of these risks were spurred by the pandemic, they can no longer be considered new. They are known risks for which organisations must prepare.
Yet even two-plus years after the onset of the global pandemic, a large number of Australian businesses are not prepared and continue to rely on temporary band-aid solutions. Such quick fixes are superficial and therefore allow vulnerabilities to persist — and consequently fail to build business resilience.
Protecting your business means strengthening and constantly reviewing risk mitigation strategies to improve resilience to future shocks. Leading organisations use stress-testing exercises to ensure they can identify weaknesses and inflexibilities and then adjust their strategies, or adapt new ones, to better achieve resiliency.
A recent study from Dataminr, the leading real-time information discovery platform, showed that 64% of Australian organisations are confident they have what they need to effectively manage risk in 2022, yet almost a third have made no investment in risk resilience. Additionally, less than 19% of Australian businesses are able to detect their own business risks.