The Business Continuity Institute found that cyber attacks remain the top threat perceived by businesses for the fifth-straight year in their annual Horizon Scan Report, a study which polls global organizations to assess the overall scope of business preparedness and continuity planning. The report, which polled 568 companies from all corners of the globe, revealed that 85 percent of Business Continuity stakeholders fear the possibility of a cyber attack. Up next on the list was the fear surrounding data breaches at 80 percent.
Here are the top ten global threats to Business Continuity in 2016:
- Cyber attack
- Data breach
- Unplanned IT or telecom outages
- Security incident
- Utility supply interruption
- Supply chain disruption
- Adverse weather
- Availability of key skills
- Health and safety incident
David James, Chairman of the Business Continuity Institute reacts to the study’s findings, saying: “The industry landscape is rapidly changing, and so should our discipline in order to keep up with both traditional and modern challenges. At the top of the list this year we continue to see threats such as cyber attack, data breach and unplanned IT outages. More traditional threats such as terrorism continue to be ’front-of-mind’ for organizations. Given the rise of new challenges and the fact that old ones remain, horizon scanning techniques are even more valuable in assisting organizations to be prepared to the best of their potential.”
The Horizon Scan also measures sentiment towards specific industry trends. Despite growing fears over the resilience of their companies, the Horizon Scan recorded a decline in the use of long-term trend analytics to assess and understand the top threats, which was down to 70 percent in this year’s addition. A third of all organizations that do carry out trend analysis are not using those results to inform their Business Continuity Management programs.
According to the study, adoption of ISO 22301, the standard in Business Continuity appears to be the most common framework, with 51 percent of organizations now utilizing it. Though the report does provide a strong recommendation that the rising costs of Business Continuity demand greater attention from top management and business stakeholders.
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