As flood season approaches, many organisations are bolstering their risk management practices to prevent serious damage from a natural disaster. But unlike the downpour of a flood, many business disasters don’t have a season—they can happen year-round.
Whether it be a deadly cyber-attack or a costly material shortage, business disasters can often cause a chain reaction for organisations across the globe by creating broken supply chains. What’s more, recent research from the Business Continuity Institute revealed 69 per cent of businesses lack full visibility of their supply chains, even though nearly 70 per cent have experienced at least one disruption.
Broken supply chains aren’t cheap, either—23 per cent of companies have reported losses upwards of £1 million from a single disaster. Avoid the costly price tag of a supply chain disruption and promote business continuity during disaster with these tips:
For many SMEs, Brexit preparation has been placed on the backburner in order to make way for more immediate concerns, such as cyber-security cover and GDPR compliance. Indeed, a recent insurance broker survey revealed nearly 25 per cent of SME clients ask their broker for GDPR guidance on a regular basis, whereas only 10 per cent have enquiries regarding Brexit. In fact, 35 per cent of brokers said their clients haven’t asked about Brexit whatsoever. Although handling such a wide variety of concerns can be quite the balancing act for SMEs with limited staff and resources, your organisation simply can’t afford to ignore the implications of Brexit. Consider the following guidance to prepare your business:
When the GDPR went into effect earlier this year, organisations scrambled to prepare for these stricter standards. And while many businesses feared the outcome of non-compliance due to costly fines, there are far greater punishments that exist for organisations’ directors. Under the updated regulations, a multitude of cyber-mistakes made within your business could hold you—the director—criminally liable. Ultimately, the GDPR maintains that senior-level management is responsible for ensuring a wide range of obligations to protect their organisation’s data, including effectively preparing for and responding to a cyber-attack. Key obligations include: