For many businesses, it isn’t always true that what doesn’t kill them makes them stronger. The year 2020 left many businesses in a tailspin; the prognosis is still bleak for many of them. A report states that 60% of US businesses have closed and won’t be reopening again. Moreover, in Europe, 70% of SMEs (small to medium-sized enterprises) reported losses; more than half project that they may not survive longer than a year, according to an August 2020 McKinsey survey. After 2020, business leaders worldwide hope that 2021 is the year when the economy will come roaring back. The year 2021 is supposed to be the year of hope and economic recovery. It’s the reason why many moved toward digital business models, in the hope that online business could keep them afloat. This hope, however, could be quickly dashed if business leaders neglect their digital security.  

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There is always risk in business. This can range from problems in the supply chain or the chance of theft. They can potentially damage a company or even wholly bring it down. Your company needs to implement various risk management strategies to handle all the different risks it faces. Here is a look at some of your options when it comes to handling risk. Accepting The Risks When you analyze risk, there are times when you have to accept that there is a chance that it could happen. Accepting the risks sounds like you are tempting fate. However, risk acceptance is not an unreasonable move. It all depends on the circumstances and your analysis. One part of risk management is analyzing and evaluating risks. Entrepreneurs get accurate information on them to make the right decisions. Some risks are too low. For example, if your company depends on a single supplier for the necessary materials, there is always the risk that they might have problems and not deliver what you need. You can potentially lessen the risk by having multiple suppliers….

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