Risk Considerations

Risk Considerations

Businesses are facing increasing dangers across all threat landscapes: litigation, fines, devastating natural disasters as well as technology-related data theft, ransomware, transaction fraud, and devastating natural disasters.

Technology is more of a risk than ever before. The impact of technology for most companies has shifted from a supporting role to an essential part of the business, and, in many cases, a strategic business driver. Regardless of the role of technology in your business, technology drives many benefits but also has risks. Cyber breach, ransomware, viruses and other attack vectors are used by bad actors to gain access to data. Employees at all company levels may not understand the risks such as those inherent in using public wifi to access company data or protected information. Smartphones, tablets and laptops are also prime targets for physical theft, and unless properly secured, put information at risk. The cost in time and effort can be significant as can the cost in dollars and the bad publicity.

Risks extend to compromised confidential information or regulated personally identifiable information, chargebacks or EEO complaints. The cost of defending and/or settling EEO litigation typically ranges from $50,000 to $300,000 and can go much higher.

The effects of the risks of these events can spell financial ruin for small companies and difficult recoveries for larger companies. , All businesses must assume risk to succeed in the marketplace; the challenge for management is to select mitigations that balance risks against cost and anticipated benefits. That fulcrum varies for each business and industry but BeneTechs service offerings can made a significant difference.

Risk Consideration Services for small to mid-size businesses are a unique combination that effectively address:

  • Response to a breach of sensitive information and other cyber risks
  • Reducing retrieval requests, chargebacks, and transaction fraud to enhance merchant performance
  • Reduction in Employment Practices Liability (EPL) exposure through best practice policies and procedures
  • Planning and response to natural disasters and life-threatening emergencies
  • Employee Benefits Services to mitigate the impact of certain stressors on employees in the workplace

Each aspect of the program stands alone, but together, form a powerful, comprehensive answer to the broad array of risks facing today’s businesses. It is truly a unique program in the marketplace.