Firestorm® Annual Crisis Event Impact Management Study finds disruptions caused companies an average $2.9 Million in 2017
ROSWELL, GA / March 23, 2018 / Firestorm Solutions, LLC, a leading crisis and risk management firm and America’s CRISIS COACH®, announced today the release of the 2017 Crisis Event Impact Management Study.
This important global study combines data from executives across 14 countries in over 50 major industry verticals and encompasses 45 different disruptive event types. These events range from impacts due to terrorism, industrial accidents, natural disasters, cyber incidents, lawsuits, fraud and political instability.
Hurricanes, cyber breaches and power outages are the top events that triggered plans in 2017 with many describing 2017 as one of the most expensive and deadly years for disruptive events according to the annual study from Firestorm Analytical Solutions.
“This report quantifies the various types of economic impacts on a business due to disruptive events and identifies year-over-year trends. Our goal in this annual research is two-fold. First, to help people understand the costs associated with incidents that not only reduce the ability to conduct business. And second, to show the effectiveness of efforts to adapt and resume normal activity.” said Hart Brown, Firestorm COO.
Some of the key findings in the 2017 study show that over 75% of businesses invoked continuity or crisis plans in 2017 at least once. Additionally, the group surveyed responded to an average of 15 events throughout the year.
“Most respondents describe difficulty in calculating and determining what the financial impact is for a specific disruption, but this survey shows that the average annual cost to an organization by these disruptions is over 2.9 Million USD,” said Cheyene Marling, Firestorm EVP, People Solutions & Program Analytics.
The complete report is available through www.firestorm.com
Firestorm® Solutions, a Novume™ Solutions company (NASDAQ: NVMM), is a leading crisis and risk management firm and America’s CRISIS COACH®. Since 2005, Firestorm has assisted clients in transforming crisis into value by responding to some of the largest and most complex crisis events as well as combining best-practice consulting with proven crisis management expertise.
Firestorm empowers clients to manage crisis and risk through assessments, audits, program development, insurance partnerships, training and advisory services using the PREDICT.PLAN.PERFORM.® methodology.
Additional information on Firestorm can be accessed online at firestorm.com.
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Firestorm Solutions, LLC
SOURCE: Firestorm Solutions, LLC
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