The Top 10 Global Risks of 2018 You Need to Know

by | Feb 13, 2018 | Blog, Risk Management |

As a CIO, you make it your business to plan for the worst. By assessing risks, including global risks, you can create contingency plans and implement disaster recovery infrastructure ahead of time.So, what are the possible risks your company might face in 2018 Some will impact your technology more than others. Here is a list we have compiled, in no particular order of probability or impact:

1. Extreme Weather

Weather impacts business, whether we like it or not. It doesn’t even have to be on the “extreme” scale to impact operations. A heavy snowstorm can cause problems for a few days without it being a superstorm.

Having some plans to work around weather disruptions is a good idea.

2. Natural Disasters

When weather does get extreme, such as a hurricane, then it can do major damage. Natural disasters also include earthquakes, volcanos, and tsunamis. These can disrupt the supply chain.

After the hurricane devastation in Puerto Rico, American hospitals ran short of IVs because IV bags were being produced almost entirely on the island.

3. Market Instability

The stock market may be riding high, and then all it takes is one bad news story to send it plummeting into the depths.

4. Inflation

Inflation, whether domestic or abroad, can affect your supply chain.

If goods you rely on to make your products suddenly increase in price, you could be scrambling to figure out alternatives.

5. Fraud and Theft

More and more, data fraud and identity theft are big problems in technology. Making sure you have robust IT security measures will help mitigate this risk.

6. Cyberattacks

Hackers are always hitting your servers, trying to exploit a vulnerability. Their goals could be anything from just “having fun” to hijacking your server for their own computing needs.

7. Power Grid Problems

Power grid issues are often due to natural disasters, such as with Puerto Rico. But they can also happen if a lot of people are turning up the aircon in a particularly hot summer.

Are your technology systems backed up and ready for a power outage?

8. War

Terrorist attacks were the concern prior to 2018, but more and more people are concerned about an all-out war starting, perhaps with North Korea.

Whether it is terrorism or a larger scale war, planning for the worst and then dealing with its reality may be one of your biggest challenges as CIO.

9. Political Changes

With or without war, political changes can drastically affect your business. Love or hate him, President Trump’s tax cuts had a huge impact on business.

Political changes can sometimes occur rapidly and without warning.

10. Civil Unrest

Protestors, rioters, and mobs can impact your business whether you like it or not. You may even agree with their cause, but that doesn’t mean you shouldn’t plan.

Even just a small group of activists blocking a freeway can have a negative impact on your ability to conduct commerce.

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ReadiNow offers a full suite of high-end technology tools to help your business plan for and manage risk. Contact us today for a consultation.

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