According to a recent report from PricewaterhouseCoopers, economic turmoil, political upheavals and natural disasters are just a few of the top concerns businesses are facing in the upcoming year.
The Risk in Review reported found 60 percent of businesses believe regulatory risk is a major threat to their business, while data privacy and security threats are a concern to 56 percent of respondents due to the increased use of the internet and social media.
“Businesses are scrambling to fix weak links in their systems stemming from non-traditional risks such as social media and digital technology, to dealing with the realities of operating in today’s global marketplace,” said Dean Simone, leader of PwC’s U.S. Risk Assurance practice. “In this new risk era, corporate boards and senior management have a crucial role to play to ensure they set the right culture and align their strategy to risk imperatives.”
While many businesses are looking for ways to integrate new types of technology such as social media, tablets and other types of mobile devices, security concerns are the one issue driving companies away from the new technology. However, by having the proper business insurance policies in place and employing robust computer security programs, companies should be able to benefit from new technology without exposing themselves to undue levels of risk.
