Let’s Talk About Risk Baby!

Let’s Talk About Risk Baby!

This quarter, we’re going to be focusing on risk. The word risk can mean many different things depending on the context. It the IT world, risk is the assumed dollar amount that results from the business experiencing some sort of “incident”. And in my world, an incident is something that negatively impacts a business’ IP or intellectual property. Now, an incident could be a failed hard drive, or it could be a ransomware attack that holds all your company data hostage.

Risk Mitigation

Our job as Managed Services Provider is to assess our clients risk based on what systems or safeguards they have in place to mitigate that risk and make recommendations aimed at mitigating that risk as much as possible. The bad news is, there’s always risk. The good news is, the right mitigation tactics, can put a business in a good place to significantly lower that risk, as well as put a business in a place where it can continue to operate despite potentially going through a, dah, dah, dah…..“incident”. That’s called continuity.

We’ll focus on high risk things like:

  • Ransomware attacks
  • Data loss
  • Theft

But we’ll also look at areas of risk that unchecked can end up costing the company more unnecessarily. Issues like no software standardization or implementing systems without proper planning.

And what about data? Data is all the information your company uses and creates to run your operation. Some people have data centralized in a specific area, while some has every user creating their own documents and forms and saving them on their desktops. Do you know where your most important data lives? If you don’t know, probably no one else does either.

Risk can easily eat up profits, and many businesses don’t realize, they are experiencing small incidences that eat up profits all the time. It can take time to exam all these areas, but in the long run will increase productivity and reduce cost.

In the meantime, start thinking about how confident you are that your business is protected from risk. As I said, all businesses have some. How much do you have?

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