Business leaders and governments spend a disproportionate amount of their time on preparing for possible threats. This proven by the study conducted by business consulting industry leader PwC’s report on crisis management and CEOs. It stated that 73% of the respondents believe their firm will be hit by some crisis in the next three years. In spite of this, when major devastations do occur, many are found to be wanting in their level of preparation. What affects organizations most are asymmetric threats. These are threats which have a low probability of occurring, but lead to immense destruction and the related costs once they do. There are four broad classes of such asymmetric threats. These are in terms of unprotected infrastructure, vulnerable technology, underestimated disasters and innovative geopolitical attacks. One needs to prepare for such occurrences with a meta-readiness approach. For this, the first requirement is a genuine admission of such events occasionally occurring. This universe of threat needs to be assessed within the prism of the four broad categories. The current crisis-response capability needs to be assessed for each threat category.

Source:https://www.strategy-business.com/article/Planning-for-the-Unexpected?gko=1dbff&sf199631373=1

Uploaded Date:15 November 2018