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Top 4 Emerging Risks for Business Identified For 2013  

 

Business owners need to start thinking about this year’s risks and make sure they are ready for what 2013 may have in store. The top four emerging risks are ; 

 

Cyber Attacks / Loss of Data 

A recent study found 80 % of companies were loosing of data from USB sticks and mobile devices, posing a significant risk to the organisations network. 

Cyber attacks appear to be an even bigger risk this year, business owners will need to ensure they have the most up to date security systems and that all staff are adequately trained in proper data security.  

A recent study identified that 400 companies lost over 12,000 customer records, with an average cost of $214 per record the amount of losses could exceed $2.5 Million. 

A recent event where Russian hackers held a medical centre to ransom after encrypting thousands of patient health records for a price.  

 

Social Media  

Social media is becoming an integral part of everyone’s daily life. Almost every business now has a social media presence and the ones that don’t plan to have one this year. These social presences create a number of emerging risks. The main risk is reputation, your social presence represents your business to the world, and misuse can lead to serious damage the the company reputation. 

A recent event concerned Whitehaven Coal where a fraudulent press release about the business was issued, which caused a 6 per cent drop in share value , decreasing $300 million dollars from the value of the company. 

 

Natural Disasters Extreme Weather / Flooding/ Fire 

The sheer severity and devastation caused by recent fires/storms/floods around the world have caught  many of businesses off guard. Whatever the cause of this risk it is clear that extreme weather events are becoming more common and they are striking in less common places. Few businesses can afford to completely ignore the potential for natural disaster. 

In a recent event , Australian Bureau of Meteorology temperature range was capped at 50 Degrees,now  2 new colours have been added ,deep purple and pink to cater for 54 Degrees and above . 

 

 

 

Economic / Customer / Supplier Stability  

Businesses need to review the customer and supplier base to determine the risk to the business from the market. Cost cutting will be a factor this year and will have an impact on margins and levels of efficiency. Business owners need to consider their financial position and make sure they are prepared if the worst does happen. 

A recent event where a company sourced a large amount of steel for the mining industry from one supplier, which went into liquidation , the steel needed to be purchased from another supplier at a higher rate.