7 Things You Need to Know About Recession Risk

Your business survived a pandemic, economic shutdown, political turmoil, and even murder hornets. At this point, you feel your business can handle just about anything, even with the knowledge that there are more challenges ahead. After all, economists are sharing warnings of a recession on the horizon, which means businesses of all sizes should prepare for more changes.

If you remember the Great Recession from 2007-2009, you know that recessions can have a significant impact on your business. But that doesn’t mean you have to take this lying down. In fact, you still have time to make a plan for weathering what comes next.

With the current level of economic instability, things are getting very real for business leaders who want to measure the level of recession risk in their businesses. Although a recession might sound like a financial concern, it’s actually a governance and compliance issue — which means you need to manage it within your GRC platform. If you’re new to the idea of managing recession risk, here are seven things you should know.

1. Cyber Risks Will Increase

Let’s start with the tough one: cybersecurity risks tend to increase during a recession. This means you still need to invest in cyber risk management during a recession. The types of risks you face and their severity depend on your industry. Still, if you work with InfoSec experts to understand your risk posture, you can put safeguards in place long before recession-era hackers target your business.

2. Recession Risk is

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