Businesses ‘spending a lot on unrest security’
Manama, February 7, 2013
Businessmen in Bahrain and the Gulf have been spending too much on security in the wake of regional unrest, according to a top official at Le Beck International.
Companies have been cashing in on fear surrounding the political situation by selling products that overstate the risks, said security solution specialist Antony Teasar, who is CEO at the company.
"In many cases people have too much security," he said, citing the example of a Riyadh-based company that wasted $10 million on unnecessary measures.
"From a security perspective everything starts from identifying what the threat is.”
"Until you understand what the threat is, you don't know what you need to protect and how to protect it.”
"You could go to an organisation and spend $2 million or $5 million setting up a security system for that organisation or for that individual, but 10 years down the line, nothing happened,” he said.
"Was it business security that you put in or was it that nothing was going to happen anyway and you didn't need to spend that money?”
"There is no such thing as 100 per cent security,” Teasar said.
"However, there is a level of acceptable risk that everyone has to adopt before they look at security."
Teasar was speaking at the first annual Political Violence and Insurance Summit, which took place at the Kempinski Grand and Ixir Hotel at Bahrain City Centre yesterday, our sister newspaper, the Gulf Daily News reported.
Crescent Global group managing director Jamil Bahou gave the opening address at the summit, which was attended by experts from the insurance industry. – TradeArabia News Service