Geopolitical upheaval, weapons of mass destruction, extreme weather conditions and natural disasters are just a few of the risks highlighted in the Global Risks Report 2018.
Each year the World Economic Forum (WEF) asks its extensive network of business, government, civil society and thought leaders to identify the biggest global risks, and those mostly likely to happen over a 10-year timeframe.
Also in the top ten most likely risks is cyber attacks, data fraud or theft, terrorist attacks, illicit trade and asset bubbles in a major economy.
“Cybersecurity risks are growing, both in their prevalence and in their disruptive potential. Attacks against businesses have almost doubled in five years, and incidents that would once have been considered extraordinary are becoming more and more commonplace. The financial impact of cybersecurity breaches is rising, and some of the largest costs in 2017 related to ransomware attacks, which accounted for 64% of all malicious emails,” the report reads.
Whilst you can’t always know what the future holds, you can put processes in place to give your SME business the best chance possible of survival and success. Here are some articles which SME business owners and managers might find useful.
Insuring Your Business
Whilst most business owners understand the need for insurance, a surprising number of businesses are uninsured, under-insured, or insured with out-of-date policies.
Business Continuity Planning
Business Continuity Plans protect and maintain critical assets, processes and resources whilst identifying operational efficiencies to maintain or improve profitability. A sound Business Continuity Plan ensures that critical resources and activities are protected such that, in the event of a disaster or unplanned disruption, the business has inbuilt resilience and the best possible chance of recovery.
Protecting your business against cyber threats
Cybersecurity is not only for larger businesses and public organisations. SMEs are in fact some of the most vulnerable targets for cybercrime, and therefore this topic should be at the forefront of all business leaders’ minds. In this article, we discuss some of the more common types of insurances for SME businesses.
Our business experts at Beavis Morgan work with many SMEs and entrepreneurs across a range of sectors, helping them set up and run their own businesses and guiding them through each stage of the process, whilst navigating the challenges and advising them in making the right decisions both now and for the future.
If you would like to find out more about how we can assist you and your business, contact Steve Govey or your usual Beavis Morgan Partner.