For many businesses, 2022 has so far presented a challenging environment in which to operate. Businesses of all types and sizes have had to cope with a global pandemic which caused disruption and uncertainty while being a key driver of the rise in remote and hybrid models of working for staff. Today the war in Ukraine has caused knock-on effects on the supply of certain goods and energy sources. Globally, inflation is beginning to take hold, which poses further problems for businesses in general. Clearly, the world marketplace is currently in turbulent times. This article explains three key challenges to businesses in 2022 with ways in which the risks posed by them can be managed.
Cybersecurity
In recent years there has been a dramatic rise in cybercrime. It is recognized that cybercriminals were able to exploit the Covid-19 pandemic and the increase in remote working, often infiltrating home networks to gain access to corporate systems. Today, in 2022, combatting cybercrime remains one of the top priorities for businesses, as the effects of a successful cyber attack can be crippling to an organization. Consider also that cybercriminals are using increasingly sophisticated methods to conduct their attacks and as technology progresses, so does the need to stay one step ahead of the hackers. For example, many businesses use an application programming interface (API) to allow multiple applications to communicate seamlessly with each other. Cybercriminals are aware of this and can target the API gateway to launch attacks. It is of paramount importance that securing API gateway takes place to minimize the likelihood of a successful attack via this point of entry. Awareness of cybercrime and IT security training rolled out throughout an organization can also be effective in keeping high levels of vigilance against this damaging form of crime.
Climate Change
There is a growing recognition that climate change is no longer just theoretical terminology and that it is happening now. The effects of climate change can lead to increasingly severe weather patterns that can destroy infrastructure and may eventually pose a direct risk to the ability to live and work in certain areas. Clearly, all businesses should be operating in an environmentally sustainable fashion. The need to minimize corporate carbon footprints and use existing resources more effectively has never been greater. Put simply; businesses should strive to function in a way that limits their negative impact on the environment.
The Need to Innovate
In 2022, the global marketplace is highly competitive, and as a result, no organization can simply stand still and fail to innovate. Even if an organization is a leader in its chosen marketplace, it must strive to continuously adapt and improve its offerings as consumer tastes and needs change. Effective competitors are searching for ways to innovate, and if your company does not, it will eventually be superseded, regardless of its size or current market dominance. It is, therefore, important to make innovation and continuous improvement a key part of any organization’s ethos to ensure it stays relevant in today’s rapidly evolving global marketplace.
