Source | Linkedin | By|SHERIDAN ORR
Companies are working harder than ever to manage risk, as the stakes for avoiding disaster preparations grow ever higher. From 2016 to 2018, the average number of billion-dollar disasters in the US totaled 15 each year, while the average for 1980–2018 was just 6.2 events per year. In 2017 alone, natural disasters cost the US a record $306 billion, cybercrime losses in 2018 nearly doubled over the year before to $2.7 billion and the overall global risk landscape became even riskier.
But as businesses respond to these threats with disaster preparedness plans, they often focus on minimizing physical losses and managing external expectations — when the greatest risks to their business may involve a more internal, human cost, not only in terms of loss of life (if they don’t have a proper culture of safety) but in terms of lost productivity, stalled recovery – and loss of customers.