One of the most important tools in the modern world of business is business risk services. According to IBIS World, the American risk management consulting services industry generates over $5 billion in annual revenue and is expected to grow by an additional 5.8% in 2013. In an age where the internet dictates reputation and ownership over intellectual property, business risk services are the key to building and protecting your name, while allowing you to stake your claim to your intellectual property. Further, the financial dangers of mismanaged digital data are a certain death knell for any company. Whether you need help protecting your data, your reputation, or laying claim to what is rightfully yours, business risk services are likely the answer to your problems.
- Reputation Management is Crucial
- Data Breaches Equal Big Problems
- Legal Issues over Intellectual Property
As Intuit Small Business Blog writes, the reputation of any business, regardless of its size, is the most important weapon any business has in the fight to gain profitability and sustainability, and to maintain it. Consider what happened to Chinese-based retail giant Tesco in the summer and fall of 2013. After it was revealed they were selling horse-meat-based products, they lost $79 million, over 3%, of their revenue. This loss was due to a loss of consumer confidence. The best risk management consultants can help you avoid these issues entirely. If worst comes to worst, then risk management consultants can help you regain lost ground.
According to the Federal Bureau of Investigation, there were more than 280,000 cases of cybercrime reported in 2012. Those statistics are only set to go up. One of the biggest targets for highly skilled cybercriminals are businesses. As statistics from ZDNet show, the biggest incursions represent nearly 80 million lost records, as in the 2011 case of Sony’s Playstation Network, and 76 million, in the case of the U.S. military. Monetarily speaking, according to Ponemon Institute, those losses equal up to $46 million per entity. IT managed security services, like those offered through business risk services, can help your company avoid the losses associated with cybercrime.
One of the most popular practices, especially in the tech industry, is to preemptively sue companies over theoretical designs and patents. Consider the 2008 case whereby Google sued memory subsystem firm Netlist. Regardless of who actually created the design first, Google wanted Netlist’s patent claims to be thrown out by a judge. The same thing can happen to your company if you don’t properly navigate the legal waters, according to Information Week, with smart risk management.
Your business reputation, your patented work, and your data security are equally important parts of your business being economically successful and sustainable. Business risk services can give you the tools you need to protect your business in these three ways, and many, many more.