While COVID-19 has had a negative impact on several industries, if not most, one that has benefited from the pandemic is the security industry, in all its many forms. This may not be true for all professional corporate security firms, but it certainly has been true for ours.
Here is why this is happening and why we believe many segments of the security industry will continue to grow over the next few years:
- Personnel and Executive Protection (EP) needs have increased and will continue to increase in the post-pandemic period due to changes in the operation of businesses and in response to the economic crisis that has been created by the pandemic.
- Ensuring executive health and security during business travel periods will become more challenging and much more complex. This is especially true for those executives and high-worth individuals that must travel to foreign locations. However, security concerns will also mount for those traveling throughout North America. Further, evacuation and repatriation planning are now things that must be considered.
- Ensuring EP and employee safety will expand beyond the immediate workplace and will need to be addressed by the security industry. In some cases, this would include the homes of key people within an organization as well as their families and property.
- Employee relations and expectations are going to be more challenging, especially if employees do not believe their employers are doing everything possible to protect their health and safety.
- Civil unrest is also a mounting concern. What we are seeing in parts of the country now, for instance in Portland and Seattle, may spread to other cities and regions. This unrest will not necessarily be the result of one incident or one issue, but a growing clamor of dissatisfaction about the direction of our country. Once again, members of the security industry will need to be called in.
As a direct result of this civil unrest, protests, and movement to redirect funds to police, law enforcement’s ability to respond will change in the near and long term. Private security will need to step in and provide response when needed. High net-worth individuals and family offices will need to plan in advance and engage corporate security professionals early to ensure appropriate response when needed.
In addressing all these issues and others, the professional security industry will be called in to help. These are challenging times, and in such times, protecting people and places becomes a top priority.
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As always, we value your feedback, which helps us shape our perspective on recent events, security, and the services we offer.
Chief Executive Officer