Concentration Risk speaks to risk arising from reliance on a single provider, sector or location. This includes relying on a single vendor to provide a certain product or service and it includes relying on multiple vendors in the same geographic location. Cloud services emanating from one availability zone or region also contribute to concentration risk. To address Concentration Risk, familiarizing ourselves with strategies developed during previous bouts of supply chain pressure is helpful. Before COVID-19, the Tohoku quake drove Toyota to evolve a sophisticated supply chain management system. This solution includes a meticulous parts tracking process based on surveys to suppliers in 650,000 sites. Additionally, Toyota’s approach invites collaboration with competitors who can manufacture redundant components when needed.
- Cyber Resilience: An organization’s ability to continuously deliver end product/service despite adverse cyber events. What does your organization have in place from a security perspective so you will not have to enact continuity or recovery plan to get your systems back online?
- Data Resilience: The ability for organization to safeguard data and recover clean data after it has been compromised by cyberattack. Impacted by the growing threat of ransomware, where we see only 25-50% of organizations successfully negotiating to retrieve data back.
- Business Resilience: Ability an organization has to quickly adapt to disruptions while maintaining continuous business operations and safeguarding people, assets and overall brand equity.