Studies show that most businesses never reopen or close their doors within a year following a major incident. However, most of the organizations that suffer unacceptable losses because of an unforeseen catastrophe do so because they’re not prepared for the worst-case scenario. Business continuity and disaster recovery is all about planning for such events, so they bring minimal disruption and help you get back on your feet as soon as possible. By implementing a robust plan that takes every possible variable into consideration, you can get your company through almost any situation, such as the following:
Data breaches constantly top the list of the biggest threats facing businesses. Perpetrated by hackers and social engineering scammers, cyberthreats aim to exploit and steal the most valuable commodity in the world — data. If your company suffers a data breach, it may suffer severe reputational damage and, if it hasn’t made every reasonable effort to prevent such a thing happening in the first place, you could also end up facing fines from regulatory bodies.
That’s why it’s important for every organization to take a proactive approach to security, and that includes business continuity. Advanced threat prevention, firewalls, anti-malware, and encryption software ensure the confidentiality and integrity of your data. However, if a critical business system is taken down by an attacker, you need a way to recover any lost data as soon as possible. Cloud backups store copies of your data in multiple data centers that can be accessed via the internet so your business can work without any interruption.
#2. Insider threat
Employees are often the biggest threat to business continuity. Either accidental or malicious, there are many ways for employees to leak confidential data, which leave your business vulnerable to attacks. Insider threats include deletion of important data, unauthorized disclosures, and compromised user accounts. Even something as simple as accidentally sending personal information to the wrong recipient can disrupt your business.
Off-site backup and disaster recovery can help mitigate these threats, and it’s also wise to follow the principle of least privilege so that employees only have access to the systems they need to do their jobs. What’s more, training employees to develop good data management practices will reduce your company’s exposure to these threats.
#3. Unplanned outages
Considering that one hour of downtime can cost your business thousands of dollars, it’s imperative that you’re adequately prepared for unplanned outages. Maximizing the availability of your mission-critical systems should be a top priority, which is why it’s a good idea to migrate to the cloud rather than relying entirely on in-house hardware.
A dependable service provider is legally bound by their contractual obligations offer a specified minimum level of service uptime. They can also minimize disruption to your business by implementing redundant systems and automated rollovers in case the primary fails.
#4. Supply chain disruption
Sometimes, the biggest threats to your business lie somewhere along the supply chain. When a critical supplier or vendor suffers a disaster or goes out of business, it will affect every other organization that depends on them. There’s often not much you can do about events like these yourself, but that doesn’t mean you can’t prepare for them in your business continuity planning.
To reduce the risk, businesses should implement strategies to protect against disruptions to their critical supply chains, such as utilities, IT partners, and financial services. Proven measures include stockpiling inventory, diversifying your supply base, and having backup suppliers. It’s also important to strengthen your core supply chain by regularly testing your operations and taking any necessary steps to improve them.
Fidelis Inc. provides IT support and solutions to lend peace of mind to your business. Talk with us today to find out how we can help.