Consider the similarities between the rise of cybersecurity during the past 10 years vs. the state of the weather industry today.
The weather industry is embarking on the same trajectory during the next 10 years as the cybersecurity industry did, and CEOs and executives are already being held accountable for their climate resilience strategies.
Let’s start with some quick stats about the cybersecurity industry:
- In 2017, a breach at Equifax cost more than $4 billion
- Global cybercrime is now responsible for $6 trillion in annual damages
Things are moving much faster in the weather industry:
- In 2021, ERCOT’s CEO was fired after weather-related outages cost Texas $16 billion
- Weather is already projected at more than $4 trillion in annual damages
While the impact of climate will be 10X that of the cybersecurity industry during the next 10 years, both industries are seeing adoption costs rise by more than 100% during very short time periods.
So why should CEOs and executives prioritize investing in a climate resiliency strategy now?
1. Cost
There has never been a more efficient time to invest in a climate resiliency strategy than today. Your company is only going to grow and become more complex over time, which means higher onboarding and adoption costs by a significant degree of time and budget across your organization. Working on climate resilience now, before a major incident, is the only way to keep costs down.
2. Risk
You can continue to operate your business without a climate resilience strategy as you do today, however, the costs will add up quickly when you understand the details. Odds are you’re losing tens of thousands per week and millions per year due to a lack of weather intelligence. Additionally, you’re exposing every aspect of your business each day to a catastrophic weather event that could cost you tens or hundreds of millions (in some cases billions), your job, or possibly the growth trajectory of your business.
3. Opportunity
The CEOs and executives already implementing a climate resiliency strategy today are the industry leaders of tomorrow. Their businesses are de-risked, they’re operationally optimized for the predictive impact of daily weather conditions, and they’re both reducing annual costs and increasing profit margins by the tens of millions. The opportunity is much bigger than just your operations, it’s every part of your business on a daily basis.
To learn more about how significant of an opportunity a climate resilience strategy is for your team or what the cost of not using a weather intelligence platform is for your business today, talk to one of our industry experts. It might be the most valuable 10 minutes you spend all year.
