From the course: IT and Cybersecurity Risk Management Essential Training

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IT risk management in small companies

IT risk management in small companies

From the course: IT and Cybersecurity Risk Management Essential Training

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IT risk management in small companies

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- [Instructor] As big of a risk as IT may be for small companies, it's dwarfed by the greatest risk they face, which is typically product market fit. Now, product market fit means that your company has plenty of buyers who want to pay you to solve their problems and that your company has a profitable solution. The second greatest risk faced by small companies is closing new business and serving existing customers to establish and maintain enough cash flow that they can pay employees and suppliers on time and in full. And in terms of risk management technique, a small business owner has to make tough choices about which risks, no matter how big they are or what kind they are will not get any active treatment at all. Some big fires will be allowed to burn simply because there are not enough hours in the day nor money in the bank to deal with every risk they see. Now, this is true for both bootstrapped and…

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