Mongolia ranked 104th out of 164 countries on Global Cybersecurity Index
Although banks and telecommunication companies pay close attention to cyber security, others are unable to do so. Many organizations do adapt to high-cost technologies and transfer to digitalization; however, they commonly ignore cyber security. Most of them have wrong understanding about the concept. Cyber security is investing in technology and improving the IT knowledge of their employees. It is important to implement this process coordinating these two as a whole.” As for commodity price risk, Mr. Ganzorig highlighted that the slump in China’s economic growth may affect the prices of coal, iron ore and copper. “We often say that our economy is too dependent on China; however, we are still lacking diversification actions. It is necessary that we establish a research institution that studies China’s economy and estimate potential measures for a potential downturn in China’s economy.

NECESSITY FOR DEVELOPMENT OF MANAGEMENT

The forum further suggested development of managers as a potential measure for entities to avert risks. A spokesperson of Golomt Bank addressed, “Organizations mostly focus on executive employees when it comes to human resource development. However, managers are more commonly lacking skills and requires more focus. Specifically, psychology-based development is required in management. Developing managers’ ability to identify workers’ skills and mutual understanding will help reduce human resource risks.”