PREDICTING THE FUTURE: THE BENEFIT OF RISK ASSESSMENTS

Over the last 20-30 years the face of business has changed dramatically thanks to vast advancements in technology. People are able to conduct business easier, and new markets have opened up largely due newer and more reliable communication channels being created.

With every new development comes an element of risk. For the digital age it’s online fraud, information sharing and terrorism. In May 2016, Security researchers at Kaspersky Lab and FireEye confirmed that the upward trend of ransomware was continuing and had emerged as a top threat to business.

This was confirmed by Eset data which showed that ransomware made up a quarter of UK cyber-attacks, and was continuing to rise, while in August Trend Micro reported that the occurrence of ransomware families nearly doubled in the first half of 2016 compared with the whole of 2015 and PhishMe research concluded that ransomware is a mature business model for cyber criminals. One in five businesses hit by ransomware are forced to close.[1]

This is just one part of a greater, and more detailed, picture relating to risks that businesses face every day. What is most concerning, is how ‘in-the-dark’ many businesses are regarding the threats to them. But this can be changed.

A process that is emerging as a vital part of any business and their development plan, is that of conducting risk assessments.

A risk assessment generally consists of three categories/steps:

Hazard Identification: Identify hazards and risk factors that have the potential to cause harm.

Risk Analysis and Evaluation: Analyse and evaluate the risk associated with that hazard.

Risk Control: Determine an appropriate course of action to eliminate the hazard, or control the risk when the hazard cannot be eliminated.

A risk assessment should be one of the first things conducted when a course of action is seriously being considered. This assessment will not only help provide an answer on whether a certain course of action is the right one, but it will also identify the potential risks involved, and outline the proverbial ‘worse-case-scenario’.

The most powerful part of a risk assessment is that it gives a business the ability to create a plan, should one of the ‘potential risks’ become a viable, or immediate, threat. If a risk assessment has been thoroughly conducted, it should contain multiple options on dealing with threats, so that if they do occur, the reaction to handle and control the threat is immediate. As though it was predicted.

Nemesis specialises in creating and developing a range of security risk assessments and management plans tailored towards any organisation. The expert knowledge and experience of our assessor’s means they are able to create and develop plans for anything from the physical security of a building, to infrastructure, supply chains and assets located on land, in the air, or on the sea.

If you want to ensure that your business or organisation is thoroughly protected, contact Nemesis Consultancy Group on 1300 163 637, or submit your enquiry via our online form here.

[1] http://www.computerweekly.com/news/450404344/Top-10-cyber-crime-stories-of-2016