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Building Business Resilience in 2024

Business resilience will be more important than ever in 2024 as businesses face risks related to climate change, cyber-attacks and vulnerable supply chains. In this blog post, we’ll explore key areas that should be top priorities for companies looking to protect themselves in the coming year.

Climate Resilience Must Become a Priority

Understanding and adapting to climate risks should be a major focus in 2024. Consumer expectations are rising when it comes to corporate sustainability. Government regulations are also forcing companies to take more accountability for their environmental impact.

Assessing exposure to risks like rising water levels and quantifying potential financial impacts is key. Businesses that build climate resilience now will be better positioned for mandates like the Taskforce on Nature-related Financial Disclosures coming next year.

Prepare Thoroughly for Cyber-Attacks

Cyber risks are growing increasingly sophisticated and unpredictable. While businesses have improved prevention efforts, hackers continue to find new vulnerabilities. Every business should thoroughly assess its cyber defenses and purchase cyber insurance even if an attack seems unlikely. We’ve seen more small businesses wisely protecting themselves with cyber insurance despite limited resources. However, insurers will still expect certain security processes to be in place beforehand. Identifying and addressing vulnerabilities quickly after an incident occurs will also greatly limit damages.

Look Closely at Supply Chain Risks

While companies have more control over their own cyber and climate risks, supply chain disruptions also warrant attention in 2024. With supply chains now in the crosshairs of hackers, weaknesses anywhere along the line can create massive fallout. Cost-cutting measures amid economic uncertainty may also be testing resiliency. Businesses should look closely at mission-critical vendors to model and prepare for potential component shortages or other interruptions.

The challenges of 2023 have underscored the importance of business resilience. Heading into 2024, climate change, hackers, costs constraints and more will test companies in new ways. Taking proactive steps and keeping risks top of mind will help businesses prep for turbulence ahead. Those looking to come out strong on the other side would be wise to start priority resilience planning now.


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