Kavan Choksi- The Importance of Risk Management Strategies For Businesses
No business is free from financial risks, and they arise from the daily operations of the company. The coronavirus increased these risks, especially when employees of an organization started to work remotely from home. There are other operational risks, and they include lawsuits, fraud, cyber crimes, and other threats pertaining to business marketing and growth.
Kavan Choksi– financial risk management essential for businesses today
Business, risk management, and finance expert Kavan Choksi state that both small and big organizations are highly vulnerable than ever before. They need to beware of malware, phishing attacks, and hackers that are always on the lookout for their next prey. They are constantly upgrading themselves to discover new ways to hack systems and extract sensitive information for their malicious deeds.
There was a rise in cyber crimes in March 2020, and the rates almost crossed 400% across the world, and these threats still persist today. Companies should take appropriate measures to safeguard themselves against these threats. Besides, they have an obligation toward their employees and should protect them as well.
One cannot stop new scams from arriving, so businesses should create novel ways to keep cyber criminals away. Business owners should take the onus to protect their employees and enforce security measures to keep hackers at bay.’
A comprehensive plan for risk management is the need of the hour
He suggests businesses must have a comprehensive plan to keep cyber criminals and hackers at bay. The strategy the company embraces for the organization should sync with the specific risks that threaten the business. In order to keep particular dangers at bay, companies should conduct risk assessments and invest in cybersecurity measures. They must identify what their digital assets are so that their employers can deploy the ideal protection measures in the market. Both personal devices and the network should be protected so that critical information about the business does not fall into the wrong hands.
Customized risk management is the solution
The company should identify all the risks that it faces in the market. This does not hold true for large corporations only- small business owners are at risk too. For instance, if a company is an IT specialist dealing with computer systems in the market, a custom strategy must be devised for remote workers with VPNs so that there is no leakage of critical information, mainly if devices are used on public wi-fi connections. Again, adequate risk management protection should be embraced for passwords where multi-factor authentication for computer systems can be adopted for the company.
Business and finance expert Kavan Choksi states that when it comes to risk management strategies, every business is different. There is no point in emulating the risk management strategies of another company. A business needs to survey the market and identify the threats to create a customized plan for protection. Small to medium-scale businesses often are targeted as they need sophisticated protection strategies for risk management in place.
For instance, due to limited resources, they need more resources to afford the right workforce to install the proper security layers for their systems. However, he advises them to take help from managed IT services for the same as they offer affordable services to small to medium-sized businesses as per their needs.