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Preparing for Tomorrow’s Risks
Here, we look at the risks businesses will face today and provide tips on managing them.
- Environmental and Climate Risks: Extreme weather events are on the rise around the world and Australia. These will continue to impact communities and businesses. Assessing both your exposure and that of your key suppliers or markets to risks like floods, bushfires, or storms will be key to managing the long-term risks and impact.
- Cyber Threats: Businesses are more vulnerable to cyberattacks, either directly through their own IT systems or through weaknesses in their supply chain. Cybercriminals look for any weakness in staff or systems to steal your or clients’ money or data. Cyber insurance can provide professional advisers to manage the breach, PR issues, and financial protection to reduce the impact.
- Tariffs: Global trade disruption is forecast from the imposition of planned tariffs by the new US Government. This is likely to trigger retaliatory tariffs and push inflation higher as well as interest rates. This continues the need for robust supply chain management.
- Regulatory Changes: It is more important than ever to stay on top of changes to industry laws and compliance requirements. Managers are increasingly at risk of facing substantial personal fines and even potential jail time from laws introduced to protect workers and the public.
Talking to your industry association, professional insurance adviser, and other specialists will help you pinpoint and manage key risks and protect your business, workers, and customers.
Speak with our team to learn how we can assist in managing your evolving risks.