Businesses across a variety of industries and of varying sizes are constantly exposed to risk. In today’s volatile business environment, preparation is vital for survival. For businesses, understanding and controlling this risk is the key factor to maintaining a stable and efficient organization.
But managing risk first begins with understanding what constitutes as a risk. Threats – or risks – stem from a wide range of sources. For instance, the terms can refer to financial threats, IT security threats and data-related risks, as well as employee risk (both to and from employees).
When not managed correctly, these risks have detrimental impacts on any unprepared organization.
Taking the Equifax data breach as an example, in which the personal data of 143 million…
