Risk is a core concept in the practice of physical security. However, the risk is not always assessed effectively. Ideally, an organization’s appetite for risk guides its security strategy and action planning to the minutest detail, including buying decisions for security equipment and systems. We asked this week’s Expert Panel Roundtable: How does the concept of risk influence buying decisions in the security market?
The concept of risk plays a crucial role in buying decisions within the security market. Insecurity, the perceived or actual risk of harm or loss, drives organizations and individuals to invest in security measures to mitigate potential threats. Risk assessment is highly subjective on both the buyer’s and seller’s part, which is why risk management is so important. Buyers assess the risk landscape and consider their assets’ value and vulnerability, such as property, data, and human safety. They then evaluate which security systems and solutions best meet their needs while within budget constraints. On the other hand, security vendors must consider risk when marketing their products and services. They need to understand their clients’ priorities and concerns and use effective communication to explain how their solutions can mitigate risk and protect their assets. Overall, the concept of risk is a driving force within the security market, influencing buying decisions and shaping the industry’s direction.
Determining risk is a basic strategy in the security market, but implementation can be more complicated, sometimes resembling a rickety approach to a moving target. Often, product features and a desire to be “cutting edge” can upstage a careful evaluation of risk when it comes to purchasing security equipment. Perceived risks may be very different from actual risks, and distinguishing the two is a tricky, but vitally necessary, challenge for security professionals.