Top Risks for 2022

As we enter the third year of the Covid-19 Pandemic and things are for the most part normalizing we still see pandemic related risks dominating the conversation this year. At Z Horse we believe now more than ever businesses must stay ahead of the curve by anticipating the key threats to their operations and manage them to survive in a challenging and dynamic environment.

The following are the top five risks we see dominating the conversation this year:

1. Cybersecurity

Our top risk needs no introduction as it has been dominating the conversation for a few years. Data breaches and ransomware are more common than ever, and experts say a cyberattack is not a question of “If” but of “when”. According to the world economic forum, Malware increased by 358% in 2020, while ransomware increased by 435%, with a four-fold rise in the total cryptocurrency value received by ransomware addresses that surpassed 400 million US Dollars.

2. Data Privacy

The lack of a single comprehensive Federal Regulation and the expanding list of state laws being passed and implemented (California, Colorado, Virginia) make the issue of data privacy particularly difficult to navigate. Organizations need to pay close attention to the data privacy requirements that apply to their legislations and make sure effective policies are drawn up and closely monitored to ensure compliance.

3. Human Talent

Attracting and retaining talent is both more important and more difficult than ever. Even before the phenomenon known as the great resignation started many companies were seeing a skill-shortage that was impacting their operations. Adding to these difficulties, companies are also struggling to properly handle the mental health consequences of the pandemic in their workforce. Companies must adapt and meet these challenges to prevent major disruptions in their operations.

4. Supply Chain

Predicting and managing risks to the supply chain will be a key issue in 2022 and beyond. Both internal and external risks to the supply chain need to be identified and managed through the appropriate strategies. Given the current volatile business environment supplier visibility and proper follow up is a must for any organization that wants to stay ahead of possible disruptions. Robust third-party policies need to be drawn up and implemented along with the tightening of internal logistics and inventory management.

5.Covid-19

Coming in last but definitely not least are the risks related to the ongoing Covid-19 Pandemic. The Omicron variant derailed many hopes of the normalization of business activities. Organizations need to continue to be prepared for the challenges that new variants or the rise in cases may bring in the form of changing policies, regulations that may affect normal operations.