Business continuity is a key concern for many companies. Without a comprehensive plan, businesses run the risk of experiencing extended downtime, financial problems, and a loss of credibility. But before you can begin creating a business continuity plan, you must be aware of what you are protecting your organization from. The Business Continuity Institute (BCI) recently released it’s Horizon Scan Report 2018, which includes a list of the top business continuity risks for the year. In gaining awareness of what could harm your company, you will be better equipped to implement a strong business continuity plan.
Cyber attacks have the potential to ruin a business, so it makes sense that so many companies are concerned about becoming victims of cybercrime. Denial-of-service attacks, phishing, and viruses are the main cyber attack concerns of organizations. According to the BCI, cyber attacks and cybersecurity threats had the largest number of responses in their survey determining the business continuity concerns of organizations.
Respondents were also uneasy about experiencing unauthorized access to their data, databases, and other critical systems. Data breaches are a risk because they can cause a company’s data and systems to be damaged, corrupted, or even destroyed. Additionally, businesses can lose access to their data, in a way similar to ransomware.
Utility Supply Interruption
The risk of an interruption to utility supply is especially high. Particularly during hurricane season, it’s more likely that a loss of electrical service will occur, which concerns businesses. Backup power systems such as natural gas generators or batteries are a prominent strategy for handling these kinds of outages. As well as this, you should consider alternative utilities such as gas, water, or steam to combat possible disruptions.
Though easily confused with cyber attacks, security incidents refer to physical security breaches. These can include vandalism to a building and its facilities, unauthorized building access, civil disturbances, and fraud. Because they are physical attacks, security incidents pose a different kind of business continuity threat than a cyber attack and should be dealt with accordingly.
Supply Chain Disruptions
Any damage to a company’s supply chain is a big concern. An important part of business continuity is the continuity of the supply chain itself. This is because it has a significant impact on the company in many ways. Organizations that offer services via the internet that have no manufacturing activities also need working internet in order to move their services.
Fires may not be the first thing anyone thinks of when they picture a business continuity threat, but they do happen occasionally. To defend against this possibility, be sure to have easy access to fully charged fire extinguishers. Mark their locations with signs as a means to make them easier to find. Additionally, implement fire detection and suppression systems as required by local building codes.
A business continuity plan is imperative if you want to keep your company operational during a disaster. To implement the best plan possible, have an awareness of all of the potential risks. This way, you and your organization will be prepared for anything that comes your way.
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