Selena Andrews
Bus 311
Risk Management Assignment
In 2020, the companies face a few new risks and a lot of old threats that companies are still facing today. These risks include Coronavirus, social media, and cyber-attacks. One of the most significant risk at the moment is the Coronavirus. This a relatively new risk that companies and organizations were not prepared for because no one knew of its existence. Coronavirus is a virus that attacks your respiratory system. The Coronavirus can be transmitted through air, touch, and other forms. Coronavirus has caused the country to shut down in a way that we have never seen before. Due to the significant shutdown, companies had to lay off most of their workers, if not all, because of stay at home orders. Those businesses who fell into the essential category had to find ways to keep their employees at work, but safe from the Coronavirus spread and contamination. This pandemic caused a lot of businesses to fail and permanently shut their doors. The companies that were able to reopen have to follow new OSHA safety guidelines, including having personal protection equipment (PPE) and an HVAC ventilator. Social media has also proposed a risk for companies because many companies have lost business and employees due to misused social media. For example, a company or employee might do or say something on social media that the public deems offensive and now choose not to support the company or petition for the employee to lose their job. In 2020 there have been many instances when a person was recorded or said something offensive and lost their job or sponsors because of it. Now the company, in order to show support to the public and not lose business, part ways with the employee, which now leaves a gap in their employment structure. Now the company has to fill the void, which takes time and money.
Last but not least, cyber-attacks are not a new risk but is still a significant risk in 2020. Cyber-attacks are mostly breaching in security, where people override the company’s cybersecurity system to steal sensitive information. Most recently, Capital One and Equifax have been victimized by cyber-attacks where sensitive information such as social security numbers was stolen. These security breaches pose a significant risk because not only is the company in danger their customers are in danger of identity theft, which has been on the rise. Once there is a security breach, the company must inform the authorities, hire lawyers, settle lawsuits, and pay for an all-new security system. But most importantly, a company has to gain the trust of individuals who are now scared to do business with these companies. Coronavirus misused asocial media, and cyber-attacks have been the most significant risk of 2020 and have all cost companies time and lots of money to rectify.
