In recent times, critical events, a catch-all term for disruptive incidents, have grown in kind, cost, and severity. The pandemic (alone) lingers well into late 2021, creating major supply chain disruptions and acute labour shortages.
And that’s not all. As many as 87 per cent of organisations experienced at least one critical event (not including the pandemic) last year, according to analyst research.
Meanwhile, natural disasters grow more numerous and expensive by the year; 2020 saw a record 50-billion- dollar weather disasters, up for from previous high marks recorded in the 2010s.
As such, a confluence of forces, including the pandemic, related disturbances, escalating climate disasters affecting economic infrastructure, and cybersecurity events, is creating the need for organisations to take proactive measures to protect themselves.
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