Economic instability main risk factor for corporate security

Economic instability main risk factor for corporate security
September 20, 2023 – 14:28

1,775 Security Managers (CSOs) from 30 countries belonging to large global companies, with total revenues of more than 20 billion dollars, participated in the first “World Security Report” carried out by G4S. This report reveals the main security concerns and trends in the world, the region and Argentina.

In relation to the primary risk factors expected in the short term, the report indicates that the greatest concern in the world is economic instability. In Argentina this indicator is coincident, rising with respect to the world and regional averages in correlation to the logic and marked uncertainty due to the ongoing electoral process and the economic situation. The social unrest associated with the macroeconomic context and, in certain activities, potential interruptions in the energy supply with direct influence on production processes and collateral security are also generating concern.

Regarding exogenous factors to organizations that impacted their security in the last year, damage to property, intrusion, phishing and social engineering stand out. However, not all CSOs’ concerns are external. The study reveals that internal theft and the leak of sensitive information are among the main problems that concern them. As part of the greater connectivity and digitalization, it is also observed that cybercrime is already beginning to be installed on their agendas, an issue that historically was mostly associated with the role of IT managers.

In this sense, while it is socially perceived that the security problem is strictly focused on factors external to the organizations, local experts are clear about this premise and usually promote security awareness programs, which warn their collaborators about both internal and external factors, and thus implement preventive measures from the daily behavior of its employees.

From the point of view of the effects produced by the incidents, the CSOs state that the events that occurred in the last 12 months have mainly generated losses in income. Unlike what is considered in other countries, few local decision-makers think that these incidents have affected the value of companies.

63% of respondents indicated that their main budget priority is the implementation of new technologies related to the early detection of threats and their effective neutralization. The security technological infrastructure base that companies in Argentina have represents a great opportunity to carry out a new upgrade. The agility of this process and the generation of investments will be largely subject to the rules under which imports of equipment and software can be carried out, currently limited by the crisis in the external sector.

While geopolitically, local leaders see Eastern Europe as the most complex geographical region to operate in accordance with the war between Ukraine and Russia. It is followed by Central America and Southeast Asia, both regions with problems linked to organized crime.

In short, this vision that Argentine and global managers give us highlights the relevance that the characteristics of the contexts in which we operate have for security. Economic uncertainty and interconnectivity are central management considerations. Thinking about communicating vessels between physical security and cybersecurity, as well as establishing plans and resources that, in addition to providing protection to people and assets, emphasize operational continuity, are key aspects, for which support and joint work with The right security provider will make the difference in the dynamic interaction that this complexity requires.

G4S Country Manager in Argentina

Source: Ambito

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