When are flood insurance sales the highest? Immediately after a flood.
When are earthquake insurance sale the highest? Immediately after an earthquake. The moments following a flood or an earthquake are actually the times when the probability of these events occurring is at its lowest, but also the time when people tend to take the most action to prevent their potentially devastating consequences. This can also be seen outside the context of natural disasters.
Have you heard of a tragic event at a school only to have the authorities search cyberspace afterwards to find indicators of maltreatment or cries for help? Unfortunately, these cases are getting more and more public attention. Take the seventh grader from Arkansas or the Florida teen who committed suicide after being teased at school and cyber bullied. These are examples of statistically low probability events with extremely grave impacts. It is the grave impact of these events that points toward a need for risk mitigation.
We as human beings have a tough time dealing with and mitigating risk, especially when it comes to low probability/high impact events. To be fair, there are some events that are so statistically rare that expending resources to prevent or mitigate the occurrence wouldn’t be reasonable. Should you never walk in the rain to avoid being struck by lightning? Or, never fly again to avoid a plane crash? Both entirely your choice, but I am hoping you answered no to both of those questions.
What is Risk?
Mathematically, risk is quantified by the probability of the occurrence multiplied the impact of the occurrence. However, most of us stop at the probability of the event. Once we deem an event to be low probability, we tend to ignore the occurrence, never taking the next appropriate step of gauging the impact of the event. The impact of some of these low probability/high impact events, often called “Black Swan” events, can be catastrophic and must be recognized. I know we would love to mitigate all risk, but resources aren’t endless. We have to figure out where we are going to get the best bang for our buck.
Luckily, this is where technology and advanced analysis have supported the evolution of risk mitigation. We are now able to mine through data at a speed unimaginable 25 years ago. Algorithms enable persistent monitoring to pick up on events in real time to streamline response time and contingency operations. Analysts are refining their rapid cognitions by becoming experts within their fields, adding another layer of risk mitigation.
We know that physical bullying, cyber bullying, and fights are taking up too much time in some of your schools. These events are hindering teachers, social workers, and other staff from dedicating all of their time and resources to educating these young adults. MSA’s Research and Intelligence Analysis (RIA) Group can increase your school’s level of safety and security by applying intelligence monitoring and analysis while proactively protecting your students. We don’t want to search cyber space after an event. We want to stop it in real time.
(Image Credit: Guardian Life)