Motivational speakers often use the phrase "The biggest risk is the one you don't take" in their speeches to argue that you should disregard all caution and pursue your goals, whatever they may be.
And while that might be helpful counsel for persuading someone to act on an idea (and earning the speaker applause at the conclusion of their presentation), truly wise, seasoned business executives and entrepreneurs NEVER throw caution to the wind and take wild risks. They take calculated chances, considering the repercussions and putting safeguards in place to lessen the risk and possible losses. They search for peril because they are aware that unrestrained optimism is risky and foolish, and that Murphy is always waiting with a big wrench in hand, ready to sabotage your best-laid plans.
If you follow Warren Buffett’s two rules of investing, you’ll see this same caution: Rule #1 – Never lose money. Rule #2 – Never forget Rule #1.
Where are YOU putting your company and your money at unnecessary risk is a good question to ask yourself. Even though you can't plan for and eliminate every risk in your company, data and internet security are one area where many companies take enormous, unaddressed risks.
We continue to hear, "Nobody is going to hack us...," despite the overwhelming evidence that cyberattacks carry huge risk and financial repercussions.We can't get hacked because ________, such as "we use cloud applications" or "we have a good firewall," or "our people are too smart to click on bad links in e-mails," or other similar "reasons" for their false sense of security. They give an explanation.
In all honesty, we think that this is motivated by a willful disregard for security and a desire to avoid spending the money required to properly protect their data, company, and finances. Additionally, even though I fully comprehend that no one wants to spend a lot of money on IT, the risk still exists even if you choose to disregard it.
The less danger you perceive, the more risk there is, according to Howard Marks, CEO of Oaktree Financial, one of the world's most astute investors. For instance, if I don't believe there's a chance I could perish in a car accident on the way to the store, I'll be much less cautious about wearing a seat belt, texting while driving, and paying attention to the road than if I believed there was a very high chance I could be in a deadly collision. Because we let down and don't take precautions, the danger actually increases the less it is perceived to be.
Small companies are the number one target for hackers precisely because of this. They are SIMPLE prey. They may not have the prestige of taking down a firm like Dole or breaking into Microsoft Azure, but ransomware attacks on millions of small businesses can still be lucrative. Just like the 6 MILLION car accidents that occur every year, you simply don't hear about these attacks because they don't reach the evening news. Only the major ones, or those that have a significant effect on rush hour traffic, are noticed.
To plan a quick discovery call with us if you are not entirely confident that you are effectively and completely protected against such hacks, click here. We can quickly and easily evaluate your level of vulnerability to cyberattacks and determine whether your current IT provider is adequately guarding you. It has no requirements and is cost-free.
Keep in mind that not all accomplishments are determined by the profits made. Losses avoided are occasionally used to determine success. Everyone would probably take advantage of the opportunity if they had the chance to go back in time and undo two or three financial, business, or life choices they had made in the past, knowing what they know now. Most likely, you'd reflect on your past actions, caution yourself about silly errors you made, and put safeguards in place to prevent losses you experienced. An ounce of prevention against a cyber-attack IS, without a question, worth a pound of cure because, regrettably, there is no genie in a bottle to make that happen. For your FREE cyber security risk assessment, contact us right away.
